SSP Group has confirmed it has drawn down £300m from the Bank of England CCFF (Covid Corporate Financing Facility), and is exploring further funding options.
The travel hub operator said it was strongly placed to capitalise on the recovery of the travel sector, and was in a strong liquidity position, with cash and undrawn available facilities of around £520m, as at 30 September 2020.
The Upper Crust operator said it drawn down the full CCFF as the scheme was closing for further drawings from March 2021, with the commercial paper repayable in February 2022.
SSP’s current monthly cash burn rate is approximately £25-30m, and it is expected to remain in this range during the second quarter, which ends 31 March 2021.
The group said while it was confident in the medium-term recovery of the travel market, there remains significant uncertainty with regard to COVID-19 and associated travel restrictions.
“In that context, the Group continues to evaluate the merits of a range of funding options, both debt and equity, that would further strengthen its balance sheet,” the statement said.
Precis
SSP considering equity options
SSP Group has confirmed it has drawn down £300m from the Bank of England CCFF (Covid Corporate Financing Facility), and is exploring further funding options, both debt and equity, to strengthen its balance sheet. The travel hub operator said it was well placed to capitalise on the recovery of the travel sector, and was in a strong liquidity position, with cash and undrawn available facilities of around £520m, as at 30 September 2020. SSP’s current monthly cash burn rate is approximately £25-30m, and it is expected to remain in this range during the second quarter, which ends 31 March 2021. The group said while it was confident in the medium-term recovery of the travel market, there remains significant uncertainty with regard to covid-19 and associated travel restrictions.
