London Gatwick Airport: waiver agreement on financial covenants
8 SEPTEMBER 2021 - 8:30 AM - FINANCES - UNITED KINGDOM
In August 2021, London Gatwick Airport, a 50.01%-owned subsidiary of VINCI Airports, entered discussions with its lenders with a view to obtaining a temporary waiver of financial covenants – relating to £2.8 billion of reference net debt (Senior Net Debt) at end-June 2021 – and to amending certain terms of those covenants.
Given the exceptional circumstances affecting air travel, a very large majority of lenders accepted the company’s request:
- It will therefore not be required to comply with the Senior ICR (interest cover ratio) and Senior RAR (debt ratio) at the next two testing points, i.e. at end-December 2021 and end-June 2022.
- The method for calculating the debt ratio will be amended until June 2024 in order to adjust for the exceptional impact of the Covid-19 crisis on the airport’s EBITDA.
The published information is available at the following address:
VINCI is a global player in concessions, construction and energy businesses, employing more than 217, 000 people in some 100 countries. We design, finance, build and operate infrastructure and facilities that help improve daily life and mobility for all. Because we believe in all-round performance, we are committed to operating in an environmentally, socially responsible and ethical manner. And because our projects are in the public interest, we consider that reaching out to all our stakeholders and engaging in dialogue with them is essential in the conduct of our business activities. Based on that approach, VINCI’s ambition is to create long-term value for its customers, shareholders, employees, partners and society in general.