The Group has a £550m revolving credit facility (RCF) agreement in place with a group of its relationship banks, linked to sustainability and community-based targets, of which c.£50m expires in May 2025 and c.£500m expires in May 2026. As of 31 July 2023, this RCF was undrawn.
In FY 22/23, the Group entered into two fixed term loans: £50m maturing in December 2024 and £50m maturing in January 2025, with the latter linked to the Group’s sustainability and community-based targets.
The terms of the committed RCF and both term loans require that the ratio of Group operating profit (excluding adjusting 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 July 2023, Kingfisher was in compliance with this requirement.
Kingfisher plc has a €2.5bn European Medium-Term Note (EMTN) programme in place, which allows it to issue debt in the capital markets. As of 31 July 2023, there were no notes in issue under the programme.
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:
In September 2021, a Supplement to the Offering Circular was published to incorporate by reference certain parts of the Company's Half Year Results for the period ended 31 July 2021 and can be accessed by clicking here.