May 7, 2020 / 6:40 AM / 19 days ago

BRIEF-Polypipe Group Entered Into Agreement For Additional £50 Mln Revolving Credit Facility

May 7 (Reuters) - Polypipe Group PLC:

* COVID-19 UPDATE

* FURLOUGHING APPROXIMATELY 60% OF OUR WORKFORCE AND KEEPING THIS UNDER CONSTANT REVIEW AS CIRCUMSTANCES CHANGE

* SEVERELY CURTAILING CAPITAL EXPENDITURE, WHICH WAS EXPECTED TO HAVE BEEN APPROXIMATELY £25 MILLION FOR FY20 FINANCIAL YEAR

* STANDING DOWN ALL AGENCY STAFF AND ANY CONSULTANTS

* CURTAILING DISCRETIONARY SPEND WHILST HONOURING CONTRACTUAL PAYMENT TERMS WITH CREDITORS

* NEGOTIATING TEMPORARY LEASE TERMS WITH SOME PROVIDERS AND AGREEING RETURN TO NORMAL (NON-EARLY) PAYMENT TERMS WITH SOME SUPPLIERS

* ENTERED INTO AGREEMENT WITH ITS BANKING GROUP TO PROVIDE ADDITIONAL £50 MILLION REVOLVING CREDIT FACILITY FOR A PERIOD OF TWELVE MONTHS

* SECURED AGREEMENT FROM BANKING GROUP TO TEMPORARILY WAIVE CERTAIN REQUIREMENTS WITHIN GROUP’S RCF AS A RESULT OF IMPACT OF COVID-19 Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below