SATS ASA: Amendment to the existing revolving credit facility
SATS ASA (“the Company”) is experiencing a temporary increased leverage due to reduced EBITDA during the COVID-19 related club closure in Q1 and Q2 2020. The Company has, as previously communicated, been in close dialogue with the bank to find solutions for the revolving credit facility with a leverage covenant of 4.25x Adjusted LTM EBITDA until 6 September 2021 and 4.00x thereafter. SATS is pleased to have signed an agreement to amend the NOK 2,500 million facility.
The new financial covenants applicable in the amendment period are minimum levels for LTM EBITDA and maximum levels for CAPEX per quarter. SATS will not distribute any dividend to the shareholders during the amendment period, ending on 30 June 2021. The margin under the facility will be adjusted based on the quarterly thresholds for LTM EBITDA and CAPEX. The Company shall be compliant with the original covenants after the end of the amendment period.
Cecilie Elde, Chief Financial Officer, phone: +47 924 14 195
Stine Klund, Finance and Investor Relations Manager, phone: +47 986 99 259
Malin Selander, Head of Communication & PR, phone: +46 70 426 40 06