National Express avoids skid by loosening debt terms

National Express has renegotiated the covenants on £1.26bn of syndicated loans and loosened its definition of net debt, giving itself more headroom for the next six months. The borrower has been battling to overcome its debt burden in the face of falling revenues on its UK rail franchises.

  • 17 Jun 2009

National Express’s leverage ratio of adjusted net debt to Ebitda was due to fall from four times to 3.5 times on its June 30 test date, but lenders have agreed to retain the looser level. It will revert to the normal level of 3.5 times from December 31.

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