Australian wagering giant Tabcorp announced it has secured agreement from its bank lenders for a waiver of leverage and interest cover covenants in response to the financial impact of the Covid-19 pandemic.
The waiver is related to its Syndicated Facility Agreement, representing facilities of A$2.2 billion (US$1.6 billion), according to a company filing.
As of May 15, 2020, Tabcorp had $820 million of available liquidity. The company notes that other than a US Private Placement of A$171.5 million, and a working capital facility of A225.8 minion, there are no other debt maturities until April 2022.
“We welcome the support of our syndicate banks during this challenging period,” said Tabcorp managing director and CEO, David Attenborough. “The waivers complement recent actions we have taken to preserve our liquidity and mitigate the financial and earnings impacts of Covid-19.”