As at 31 January 2020, Kingfisher had two syndicated revolving credit facilities, comprising £225m expiring in March 2022 and £550m expiring in August 2022.
These facilities attract an interest cost based on LIBOR, fixed for periods of between one and six months or any other agreed period to expiry. It is available to be drawn down for general corporate purposes, including working capital requirements.
Kingfisher also has two fixed term loans: €50m maturing in September 2021 and £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 (excluding interest on IFRS 16 lease liabilities) must be no less than 3:1 for the preceding 12 months as at the half year and full year ends. At 31 January 2020, Kingfisher’s ratio was higher than this requirement.
In May 2020, Kingfisher put in place c.£1.4bn of additional liquidity arrangements:
· Kingfisher entered into a new £250m syndicated revolving credit facility provided by a number of banks, expiring in May 2021.
· Kingfisher arranged a €600m term facility with three French banks in support of its operations in France. The loan is guaranteed at 80% by the French State (‘Prêt garanti par l’État’) and has a maturity of one year, extendable for up to five years. As required under the terms of the loan, the full amount of €600m (c.£535m) was drawn down on 18 May 2020.
· Kingfisher received confirmation of its eligibility to access funding under the Bank of England’s Covid Corporate Financing Facility (CCFF). On 12 June 2020, Kingfisher issued £600m of 11-month commercial paper under the CCFF.
In March 2020, Kingfisher established a Euro Commercial Paper (ECP) programme, allowing it to issue short term commercial paper for periods from one week up to 12 months into the market to provide liquidity. The establishment of this programme allows Kingfisher to participate in the CCFF, as well as access funding through standard commercial paper issuance.
Kingfisher plc has a €2.5bn 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 July 2020 and can be accessed by clicking here.
Other documents related to the programme include:
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)||3m EURIBOR + 0.45%||Final Terms July 2018