Hotel firm Whitbread amends clause to avoid technical default

By Silas Brown
31 Mar 2020

Whitbread, the UK hotel and restaurant company behind Premier Inn, has amended a clause in its debt documentation which could have left it liable for technical default. One source said several companies may have to go through a similar amendment process.

Whitbread has a £950m revolving credit facility, and £250m and $168.5m worth of US private placements. It also has £450m of guaranteed bonds expiring in October 2025.

The company released a Covid-19 update on March 24 through RNS which stated: “It is possible that closure of our hotels ...

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