REG-Travis Perkins Travis Perkins plc: Refinancing completed with renewal of £375m revolving credit facility

Travis PerkinsAnnouncement

15/11/2023 07:15

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   Travis Perkins (TPK)
   Travis Perkins plc: Refinancing completed with renewal of £375m revolving
   credit facility

   15-Nov-2023 / 07:00 GMT/BST

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                                15 November 2023

                                        

                               Travis Perkins plc

                                        

     Refinancing completed with renewal of £375m revolving credit facility

    

   Travis Perkins plc (“The  Group”) is pleased to  confirm that the  Group’s
   near term refinancing programme has been completed with the renewal of the
   Group’s revolving credit facility (“RCF”).

    

   The renewed £375m RCF is for  a five-year term with two extension  options
   of one year each and is provided by a syndicate of eight banks on  broadly
   comparable terms to the 2019 RCF.  The RCF also incorporates an  accordion
   feature.

    

   The Group’s committed debt facilities  now total £800m with details  shown
   below:

    

   Facility                   Amount           Maturity
   Bond                       £250m         February 2026
   Term loan                   £75m          August 2027
   RCF                        £375m         November 2028
                                     August 2029 / August 2030 /
   US private placement notes £100m
                                     August 2031 (equal tranches)

    

   The RCF updated covenants reflect the  adoption of IFRS16 and are in  line
   with those on the US private placement notes and term loan. On a  12-month
   rolling basis these covenants are:

    

     • Net debt / EBITDA not to exceed 4.0x
     • Interest cover of at least 2.0x

    

   As at 30 June 2023, the Group’s 12-month rolling net debt to EBITDA  ratio
   was 2.1x with interest cover of 5.7x.

    

   The Group's investment grade rating was  confirmed by Fitch on 11  October
   2023 as BBB- on negative outlook.

    

   Enquiries:

   Travis Perkins                     FGS Global
   Matt Worster                       Faeth Birch / Jenny Davey / James Gray
   +44 (0) 7990 088548                +44 (0) 207 251 3801
   matt.worster@travisperkins.co.uk    1 TravisPerkins@fgsglobal.com

    

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   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   ISIN:           GB00BK9RKT01
   Category Code:  MSCL
   TIDM:           TPK
   LEI Code:       2138001I27OUBAF22K83
   OAM Categories: 3.1. Additional regulated information required to be
                   disclosed under the laws of a Member State
   Sequence No.:   284891
   EQS News ID:    1773577


    
   End of Announcement EQS News Service

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References

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   1. mailto:TravisPerkins@fgsglobal.com


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