Update on financial covenant deferral

RNS Number : 1839A

Carillion PLC

22 December 2017

 

22 December 2017

Update on financial covenant deferral and discussions with stakeholders

Carillion plc ("Carillion" or "the Group") today provides an update on the deferral of its financial covenants and discussions with its financial stakeholders.

Carillion announced on 17 November 2017 that it had commenced a process to seek the consents necessary to amend the relevant agreements to defer the test date for both its financial covenants from 31 December 2017 to 30 April 2018 (based on EBITDA for the 12 months to that date).  Carillion has now received all necessary consents and the deferral of its financial covenants has become effective.

As previously indicated, Carillion is in continuing constructive discussions with stakeholders regarding its options to reduce net debt and recapitalise and/or restructure the Group's balance sheet.  These discussions are progressing well, and the Board still expects to determine the approach and to commence steps to implement the chosen option during the first quarter of 2018.

Keith Cochrane, Carillion's Interim Chief Executive, said:

"We believe that our lenders' decision to defer the test date demonstrates their continuing support.  We remain focused on actively progressing a constructive dialogue with our financial stakeholders on the Group's recapitalisation plans."

This and other Carillion news releases can be found at www.carillionplc.com.

For more information 

Kellie McAvoy, Head of Investor Relations, Carillion plc                                         [phone]

Teneo Blue Rubicon

Charles Armitstead/Haya Herbert-Burns                                                                 [phone]

 

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