In May 2021 the Group entered into a new £550 million three-year revolving credit facility (RCF) agreement with a group of its relationship banks, linked to sustainability and community-based targets. The new credit facility expires in May 2024 and replaces the two previous facilities (£225 million that was due to expire in March 2022 and £550 million, most of which was due to expire in August 2023), which were cancelled in June 2021. As of 31 July 2021 this RCF was undrawn.
The Group has a £50 million fixed term loan maturing in December 2021.
The terms of the committed RCF and the £50 million term loan 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 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. As of 31 July 2021, 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 ending 31 July 2021 and can be accessed by clicking here.