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| London Gatwick Airport: waiver agreement on financial covenants 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. write your comments about the article :: © 2021 Construction News :: home page |