# Trainline plc Lenders waive financial covenant

- Link: https://www.directorstalkinterviews.com/trainline-plc-lenders-waive-financial-covenant/412816235
- Published: 2020-04-29T07:37:00+01:00
- Author: Giles Arbor

**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
9^(th) 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 1^(st) March 2019 to 29^(th) February 2020) on Thursday
7^(th) May 2020. 

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