17th Jun 2009 07:43
NATIONAL EXPRESS GROUP PLC
CLARIFICATION OF DEBT COVENANT POSITION
17 June 2009
National Express Group PLC ("National Express" or "the Group") notes recent press speculation regarding the Group's debt covenants. The Board confirms that it expects to meet its key covenant of adjusted net debt to EBITDA not exceeding 3.5 times at 30 June 2009, following the significant progress made by the Group in cash generation in the first half of the year.
Notwithstanding this expectation, National Express is pleased to announce that its banking group has agreed (subject to receipt of signed documentation) to retain this covenant at a maximum of 4.0 times adjusted net debt to EBITDA at the 30 June 2009 test, in order to provide additional covenant headroom for the next 6 months. In addition, it has confirmed approval to a change in calculation of net debt for covenant purposes to use average foreign currency rates, rather than spot, thereby reducing foreign exchange rate volatility.
Enquiries:
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National Express Group plc |
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Jez Maiden, Group Finance Director |
020 7506 4324 |
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Nicole Lander, Director of Communications |
0121 460 8401 |
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Maitland |
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NeilBennett/Suzanne Bartch/George Hudson |
020 7379 5151 |
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