As at 31 July 2019 Kingfisher had two syndicated revolving credit facilities provided by a number of banks, comprising £550m that was due to expire in August 2021 and £225m that expires in March 2022. In August 2019 the Group completed an extension of the £550 million revolving credit facility, taking the term to August 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 also has two fixed term loans, EUR 50m maturing in September 2021 and GBP 50m maturing in December 2021.
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 31 July 2019 Kingfisher’s ratio was 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
A supplement to the above Offering Circular was issued in September 2019 to incorporate by reference the 2019/20 half-year results: https://www.rns-pdf.londonstockexchange.com/rns/8672M_1-2019-9-18.pdf
The following notes have been issued under the EMTN programme:
|ISIN||Principal outstanding||Maturity date||Coupon||Final terms|
|XS1861335286||EUR 50m||31/07/20(1)||3mEURIBOR + 0.45%||Final Terms July 2018
(1) €50m swapped to floating rate Sterling using a cross-currency interest rate swap.