Fuller, Smith & Turner amends quarterly covenant tests under facility

By Sarah Lizee

Olympia, Wash., June 1 – Fuller, Smith & Turner plc said it has amended its banking agreements, and as a result, its quarterly covenant tests through and including the September 2020 test will primarily focus on liquidity headroom metrics.

The company said in a London Stock Exchange notice that this will be a more appropriate measure while the company's pubs and hotels remain temporarily closed.

Following confirmation of Fuller's eligibility to access the Covid corporate financing facility, Fuller's board formally approved the issue of commercial paper under the facility for an initial sum of £100 million. The company said this will enable the company to leave the majority of its £155 million revolving credit facilities undrawn and puts it in a strong position with significant liquidity headroom to successfully navigate the months ahead.

Fuller, Smith & Turner is a pub and hotel business based in London.

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