Further Refinancial Position

RNS Number : 0230U

National Express Group PLC

17 June 2009

 



NATIONAL EXPRESS GROUP PLC

CLARIFICATION OF DEBT COVENANT POSITION

17 June 2009

National Express Group PLC ('National Express' or 'the Group') notes recent press speculation regarding the Group's debt covenants. The Board confirms that it expects to meet its key covenant of adjusted net debt to EBITDA not exceeding 3.5 times at 30 June 2009, following the significant progress made by the Group in cash generation in the first half of the year. 

Notwithstanding this expectation, National Express is pleased to announce that its banking group has agreed (subject to receipt of signed documentation) to retain this covenant at a maximum of 4.0 times adjusted net debt to EBITDA at the 30 June 2009 test, in order to provide additional covenant headroom for the next 6 months. In addition, it has confirmed approval to a change in calculation of net debt for covenant purposes to use average foreign currency rates, rather than spot, thereby reducing foreign exchange rate volatility.  

Enquiries:

National Express Group plc
Jez Maiden, Group Finance Director	020 7506 4324
Nicole Lander, Director of Communications	0121 460 8401
Maitland
NeilBennett/Suzanne Bartch/George Hudson	020 7379 5151

 

END

 

 

MSCIIFSRRLIDLIA