FirstGroup signs £250 million bridge loan to refinance 2021 bond

Chicago, March 23 – FirstGroup plc announced that it has signed a new £250 million bank bridge facility on March 19 to refinance its next bond maturity in April 2021.

In a Covid-19 update the company said that it also has access to a £150 million accordion feature on its revolving bank facility and other leasing facilities, which are unutilized.

As at the end of February, the group’s undrawn committed headroom and free cash was approximately £400 million.

This includes an £800 million revolving bank facility which matures in November 2023 and is less than half drawn, as well as £82 million in committed bank and leasing facilities signed since the end of the first half of the financial year.

The company also has free cash in excess of £100 million in addition to cash held inside its rail franchise operations and available supplier financing arrangements of more than $100 million.

FirstGroup is a passenger transport group based in Aberdeen, Scotland.

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