REG - McBride PLC - June 2022 - Bank Covenant Waiver

McBrideAnnouncement

29/06/2022 07:00

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RNS Number : 6006Q  McBride PLC  29 June 2022

29 June 2022

 

McBride plc

 

June 2022 - Bank Covenant Waiver

 

 

McBride plc (the "Group"), the leading European manufacturer and supplier of
private label and contract manufactured products for the domestic household
and professional cleaning and hygiene markets, today provides the following
update to the markets.

 

We are pleased to announce that our banking group has waived the June 2022
covenant tests until 30 September 2022.

 

In reaching the agreement of the waiver, the Group has agreed to maintain in
effect the restrictions announced on 22 December 2021.  These are that the
Group will continue to maintain liquidity (cash plus facility headroom) of at
least £40 million, and will not pay dividends until the Group evidences
compliance with its existing covenants.

 

McBride had c.£75m of available liquidity as at 28 June 2022.

 

The Group continues to explore and assess all avenues to maintain liquidity
and create additional funding for the benefit of all stakeholders.

 

We are fully appreciative of the ongoing support that the banking group have
and are continuing to give the Group through this period of uncertainty caused
by macroeconomic factors which have resulted in rapid and unprecedented rises
in input costs and ongoing global supply chain challenges.

 

The Group continues to perform in line with market expectations and will
provide a fuller trading update after the close of its current financial year
ending 30 June 2022.

 

 

 For further information, please contact:

 McBride plc
 Chris Smith, Chief Executive Officer      0161 203 7570
 Mark Strickland, Chief Finance Officer    0161 203 7570

 FTI Consulting LLP                        020 3727 1017
 Ed Bridges, Nick Hasell

 

 

This announcement contains inside information. The person responsible for
making this announcement is Glenda MacGeekie, Company Secretary.

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