By Cecilia Butini
Vinci SA said Wednesday that the majority of lenders to its subsidiary London Gatwick Airport have granted it a temporary waiver to financial covenants as a result of the exceptional circumstances affecting air travel.
The company won't be required to comply with the senior interest cover ratio and senior debt ratio at the next two testing points, at the end of December 2021 and at the end of June 2022, Vinci said.
London Gatwick Airport had entered into discussions with its lenders in August to obtain a temporary waiver on the payment of 2.8 billion pounds ($3.86 billion) of reference net debt, Vinci said.
The company also said that the method for calculating the debt ratio will be amended until June 2024 in order to adjust for the impact of the Covid-19 crisis on the airport's earnings before interest, taxes, depreciation and amortization.
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(END) Dow Jones Newswires