FirstGroup agrees covenant amendments for 2021

LONDON (Reuters) - British transport company FirstGroup FGP.L said it had agreed covenant amendments with its lending banks and other investors for two tests next year as part of plan to be prudent during the pandemic.

The company said on Monday that it continued to expect to comfortably meet covenant tests for September 2020 when its accounts were finalised, and said it had current free cash and undrawn committed revolving banking facilities of 810 million pounds .

“The group will continue to take all prudent and appropriate action to ensure that it emerges from the pandemic in the most robust position possible in order to best serve our communities and deliver on our strategic plans,” FirstGroup said.

Reporting by Sarah Young