Committed bank credit facilities
In May 2024, the Group entered into a new £650m Revolving Credit Facility (RCF) agreement with a group of its relationship banks, linked to sustainability targets. The credit facility expires in May 2027 and replaces the previous £550m facility, most of which was due to expire in May 2026. As of 31 July 2024, this RCF was undrawn.
The Group has two existing fixed term loans with £50m maturing in June 2025 and £50m maturing in January 2026, 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 2024, Kingfisher was compliant with this requirement.
EMTN programme
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 2024, 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.
