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Debt & facilities

 

USPP

In May 2006, Kingfisher issued $466.5m of 7, 10 and 12 year fixed rate notes to US private placement investors (USPP).  In May 2018 the Group repaid its US Private Placement debt in full (notional value of $179 million).

Committed bank credit facilities

As at 31 July 2018 Kingfisher has two syndicated revolving credit facilities provided by a number of banks, comprising £400m that was due to expire in November 2019 and £225m that expires in March 2022. In August 2018 the Group completed an amendment and extension of the £400m revolving credit facility, increasing the size to £550m and the term to August 2021.

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.

The terms of the committed bank facilities 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 the half-year Kingfisher’s ratio was significantly higher than this requirement.

EMTN programme

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 2018 and can be accessed through the following link:

Offering Circular

A Supplement to the Offering Circular was issued in September 2018 to incorporate by reference certain parts of the half-year results. It can be accessed through the following link:

Supplement to the Offering Circular

Outstanding notes

The following notes have been issued under the EMTN programme:

  HY 18/19 FY 17/18  
ISIN Principal outstanding Maturity date Coupon Carrying amount Carrying amount Final terms
XS1861335286 EUR 50m 31/07/20(1) 3m EURIBOR + 0.45% 44m N/A Download Kingfisher - Final Terms July 2018 PDF 232Kb

(1)  €50m swapped to floating rate Sterling using a cross-currency interest rate swap.