May 1, 2020 / 6:57 AM / a month ago

BRIEF-Breedon Group Agrees With Banks Relaxation Of June Covenants, Deferral Of 35 Mln Stg Of Term Loan Amortisation

May 1 (Reuters) - Breedon Group PLC:

* SINCE 26 MARCH 2020 A SMALL PROPORTION OF GROUP’S SITES HAVE REMAINED OPEN TO SERVICE CRITICAL SUPPLY NEEDS

* MAJORITY SITES REMAINED CLOSED, MORE THAN 80% OF COLLEAGUES FURLOUGHED IN UK OR ON TEMPORARY LAY-OFF IN REPUBLIC OF IRELAND ON FULL PAY

* DEFERRED 2020 PAY INCREASES ACROSS GROUP, WITHHELD ISSUE OF 2020 BONUS SCHEMES

* TAKEN ACTION TO REDUCE COST BASE AND CONSERVE CASH, INCLUDING RESTRICTION OF CAPITAL EXPENDITURE TO CRITICAL AND COMMITTED PROJECTS ONLY

* ALSO AGREED WITH OUR BANKS A RELAXATION OF OUR 30 JUNE 2020 COVENANTS AND A DEFERRAL OF £35 MILLION OF TERM LOAN AMORTISATION TO APRIL 2022 Source text for Eikon: Further company coverage:

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