As at 31 January 2019 Kingfisher has two syndicated revolving credit facilities provided by a number of banks, comprising £550m that expires in August 2021 and £225m that expires in March 2022.
These facilities attract an interest cost based on LIBOR, fixed for periods of between 1 and 6 months. It is available to be drawn down for general corporate purposes, including working capital requirements.
Kingfisher entered into two new fixed term loans in the financial year, EUR 50m in September 2018 and GBP 50m in December 2018. The loans mature in September 2021 and December 2021 respectively.
The terms of the committed bank facilities and the GBP term loan require that the ratio of consolidated operating profit, excluding exceptional items, to net interest payable must be no less than 3:1 for the preceding 12 months at half year and full year ends. At year-end Kingfisher’s ratio was significantly higher than this requirement.
Kingfisher plc has a EUR 2.5bn European Medium Term Note (EMTN) programme in place, which allows it to issue debt in the capital markets. The programme was last updated in May 2019 and can be accessed through the following link: Offering Circular
The following notes have been issued under the EMTN programme:
|FY 18/19||HY 18/19|
|ISIN||Principal outstanding||Maturity date||Coupon||Carrying amount||Carrying amount||Final terms|
|XS1861335286||EUR 50m||31/07/20(1)||3m EURIBOR + 0.45%||43m||44m||Final Terms July 2018 (PDF)|
(1) €50m swapped to floating rate Sterling using a cross-currency interest rate swap.