Covid Corporate Financing Facility

RNS Number : 9636M

Dart Group PLC

14 May 2020

 

14 May 2020

Dart Group PLC (the "Group")

Covid Corporate Financing Facility

Dart Group PLC, the Leisure Travel and Distribution & Logistics group, is delighted to announce that it has today been confirmed as an eligible issuer for the Bank of England COVID Corporate Financing Facility ("CCFF") and has put in place a £300m commercial paper programme to facilitate issuance under it.  The CCFF will be used to provide standby liquidity, should that be required, and is currently unutilised.  The CCFF is designed to support liquidity among larger businesses who are capable of demonstrating that they make a material contribution to the UK economy and are able to display sound financial health, equivalent to an investment grade rating, prior to the economic shock caused by the COVID-19 pandemic.

Philip Meeson, Executive Chairman, commented:

"The Group is grateful to both the Bank of England and HM Treasury for the provision of the CCFF, and together with the fully drawn Revolving Credit Facility of £100m, these two sources of additional liquidity will provide the Group with headroom to deal with the present disruption and associated working capital requirements, ensuring we can continue to support our great business through this challenging period.

Though still early, we continue to be encouraged by the volume of our customer bookings for summer 2021 and their associated pricing. Based on this limited visibility, we are confident that once normality returns, our Customers will be determined to enjoy the wonderful experience of a well-deserved Jet2 holiday and that Jet2.com and Jet2holidays will continue to have a thriving future, taking millions of UK holidaymakers annually, to the Mediterranean, the Canary Islands and to European Leisure Cities."

For further information, please contact:

Dart Group plc Philip Meeson, Executive Chairman Tel:  [phone] Gary Brown, Group Chief Financial Officer Cenkos Securities plc - Nominated Adviser Katy Birkin/Russell Cook Tel:  [phone] Canaccord Genuity - Joint Broker Adam James Tel:  [phone] Arden Partners - Joint Broker Paul Shackleton/Daniel Gee-Summons Tel:  [phone] Buchanan - Financial PR Richard Oldworth Tel:  [phone]

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

 

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