Trainline plc (LON:TRN), the leading independent rail and coach travel platform selling rail and coach tickets to millions of customers worldwide, today announced that its lenders have waived the financial covenant in respect of its £350 million revolving credit facility until August 2021 to support the business through the COVID-19 pandemic and the related impact on trading.
The financial covenant, tested semi-annually, requires that Trainline’s net debt position does not surpass 3.75x adj. EBITDA for the prior twelve months.
Today’s announcement underlines the Group’s confidence that it can operate through an extended downturn period if required. It follows Trainline’s announcement on 9th April 2020, which outlined the mitigating actions it has taken in response to the COVID-19 pandemic, reducing its monthly cash outflow from operating costs and capital expenditure to c.£8-9 million, together with its liquidity headroom of c.£150 million forecasted as at the end of May 2020.
Full year results
Trainline will publish preliminary results for the financial year 2020 (the twelve-month period running from 1st March 2019 to 29th February 2020) on Thursday 7th May 2020.
