As of 31 January 2021, the Group had undrawn revolving credit facilities (RCFs) of £225 million due to expire in March 2022 and £550 million, most of which is due to expire in August 2023. The Group also had access to a £250 million RCF (that was due to expire in May 2021), which was cancelled in February 2021.
The Group also has two fixed term loans: €50 million maturing in September 2021 and £50 million maturing in December 2021.
The terms of the committed RCFs and the £50 million term loan require that the ratio of Group operating profit (excluding exceptional items), to net interest payable (excluding interest on IFRS 16 lease liabilities) must be no less than 3:1 for the preceding 12 months as at the half and full year-ends. As of 31 January 2021, Kingfisher’s ratio was higher than this requirement.
Kingfisher plc has a €2.5 billion European Medium Term Note (EMTN) programme in place, which allows it to issue debt in the capital markets. The programme was last formally updated in April 2021 and the Offering Circular can be accessed by clicking here.
Other documents related to the programme include: