Australian racing and wagering giant Tabcorp has secured a waiver of interest cover covenants and adjustments to leverage covenant ratios from its US private placement note holders in relation to its next two testing dates on 30 June 2020 and 31 December 2020.
The waiver from US private placement note holders, which represent fully hedged debt equivalent to A$2.1 billion, follows a similar agreement reach with Tabcorp’s bank lenders under a Syndicated Facility Agreement two weeks ago.
“Following on from the support of our syndicate banks, we now welcome the support of our US note holders for the financial flexibility they have afforded us in managing the uncertainty created by COVID-19,” said Managing Director and CEO, David Attenborough.
Tabcorp revealed last month that it has available liquidity of AU$820 million compared with AU$749 million in early April, with no debt maturities until April 2022.
(Photo: Tabcorp)
