- Rail and bus company Stagecoach said it had secured an extension to the timeframe of convenant waivers on its bank debt.

The company had in June agreed covenant waivers with its banks for the periods ending 31 October 2020 and 1 May 2021, for facilities expiring in March 2025.

Further waivers had now been agreed in respect of the period to 30 October 2021.

Stagecoach said that as an alternative to the covenants, it had agreed to a minimum liquidity threshold as at 30 October 2021.

'Notwithstanding the waivers and based on our latest estimates, we would have complied with the originally agreed bank covenants for the period ended 31 October 2020,' it added.

'As outlined in our most recent trading update on 9 October 2020, the Stagecoach Group continues to have strong liquidity, with available cash and undrawn, committed bank facilities of over £800 million.'

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