28th Apr 2020 08:39
(Alliance News) - Rightmove PLC on Tuesday said it has said it has received confirmation that it is eligible to apply for the UK government's Covid Corporate Financing Facility.
The Covid Corporate Financing Facility is designed to help larger firms to maintain liquidity amid disruption caused by the Covid-19 pandemic, through the purchase of short-term debt in the form of commercial paper.
The FTSE 100 estate agent highlighted that it has not yet issued any commercial paper under the state-back programme.
It said it believes its cash balance, revolving credit facility maturing in February 2022, and the access to the government's financing facility, provides it with sufficient liquidity, leaving it "well positioned to return to growth as markets normalise".
Shares in Rightmove were trading 1.2% higher at 476.38 pence each on Tuesday morning in London
By Ife Taiwo; [email protected]
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