Debt Overview

Oustanding gross debt (excl. lease liabilities)

Borrowings - 31 December 2020Interest rateMaturity dateAvailable amountDrawnUndrawnCovenants(*)
$150m private placement Fixed Jan-23   $150m   EBITDA
interest coverage ≥ 4.5x (1)

Gross Debt / EBITDA ≤ 3.5x (1)
$40m private placement Fixed Sep-21   $40m  
$80m private placement Fixed Sep-24   $80m  
$55m private placement Fixed Sep-25   $55m  
US private placements       $325m  
Amortizing Term Loan Floating Jun-23 $150m $150m $0m
Revolving Credit Facility Floating Jun-23 $200m $200m $0m
Other loans       $350m  
Total - HMS Host Corp       $675m  
Revolving Credit Facility Floating Jan-23 €100m €100m €0m EBITDA
interest coverage ≥ 4.5x (1)

Net Debt / EBITDA ≤ 3.5x (1)
Amortizing Term Loan Floating Mar-25 €150m €150m €0m EBITDA
interest coverage adj. ≥ 4.5x (2)

Net Debt / EBITDA adj. ≤ 3.5x(2)
Amortizing Term Loan Floating Jan-25 €100m €100m €0m
Amortizing Revolving Credit Facility Floating Jan-25 €200m €200m €0m
Amortizing Term Loan Floating Aug-24 €25m €50m €0m
Revolving Credit Facility Floating Aug-24 €300m €25m €0m
Amortizing Term Loan Floating Jun-25 €300m €0m
Other loans       €925m  
Total - Autogrill S.p.A.       €925m  

Based on nominal value of borrowings as at 31 December 2020
The Group deals with IRS to manage the effective interest rates. The chart includes committed lines facilities only

(*) On June 22nd Autogrill  S.p.A. entered into an agreement with its lenders regarding the covenant holiday of the testing of the financial covenants (Leverage Ratio and Consolidated EBITDA/Consolidated Net Finance Charges) for a period of 15 months from 30 June 2020 (inclusive). Similar agreements were entered into by the US subsidiary HMSHost Corporation with its lenders, as well as with the subscribers of the outstanding USPP bonds. The agreement was further extended for additional 12 months through 31 December 2022, assuming the positive outcome of a covenant test in September 2022 at HMSHost Corp. level and obtained a “covenant holiday” until 31 December 2022 in relation to the new SACE Facility Agreement.
(1) Covenants calculation excluding the impact of IFRS16 accounting principle
(2) Covenants calculation after the impact of IFRS16 accounting principle

Breakdown by currency

Breakdown by currency

Breakdown by coupon

Breakdown by coupon

Average cost of debt (1)

Average cost of debt

Net financial position

Net financial position

(1) Average cost of debt is calculated on average gross debt  less cash at banks & deposits

Latest update: Friday, March 26, 2021 - 16:34