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Travis Perkins refinances with £375 million revolver due 2028
By Marisa Wong
Los Angeles, Nov. 16 – Travis Perkins plc (//BBB-) said it completed a refinancing of its debt through a renewal of its revolving credit facility.
The £375 million revolver is for a five-year term with two extension options of one year each and is provided by a syndicate of eight banks on broadly comparable terms to the company’s 2019 revolver. The revolver also incorporates an accordion feature.
The company’s committed debt facilities now total £800 million, comprised of £250 million bonds due February 2026, a £75 million term loan due August 2027, the £375 million revolver due November 2028 and £100 million U.S. private placement notes in equal tranches due August 2029, August 2030 and August 2031.
The revolver’s updated covenants reflect the adoption of IFRS16 and are in line with those on the U.S. private placement notes and term loan. On a 12-month rolling basis these covenants are: net debt to EBITDA is not to exceed 4.0x; and interest cover must be at least 2.0x.
As of June 30, the group’s 12-month rolling net debt to EBITDA ratio was 2.1x with interest cover of 5.7x.
Travis Perkins is a Northampton, U.K.-based building products supplier.
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