Compass Group Plc - ("Compass" or the "Group") notes the recent press speculation regarding a potential capital raise.
As detailed in our update on 23 April 2020, we have taken significant measures to strengthen our liquidity in light of the disruption brought about by COVID-19. At 31 March 2020 net debt was around £4.9bn, we had £2.0bn in committed Revolving Credit Facilities and net debt/ EBITDA was 1.7x. [1] We have since suspended the dividend and have increased our liquidity by an additional £800m and now have total committed Revolving Credit Facilities of £2.8bn.
Since our previous announcement, we have successfully obtained waivers from our US Private Placement investors for our leverage covenant tests in September 2020 and March 2021. The interest cover test has been waived for September 2020 and there remains an interest cover test of more than or equal to 3x on a 6 months proforma basis for March 2021.
https://www.investegate.co.uk/compass-g ... 22221154N/