Marston’s has released a formal request to the holders of its secured class A notes for a limited number of further technical waivers during the first half of 2021.

In an announcement on the London Stock Exchange today (11 November), the pubco said it was requesting the waivers as a precautionary measure following the renewed lockdown restrictions introduced in Wales on 23 October and England last week.

In an LSE statement the group said: “The financial and liquidity position of Marston’s and its subsidiaries remains strong. As previously announced, the Group did not need to utilise the additional £70 million bank facility secured in May. In addition, the sale of Marston’s Beer company to the joint venture with Carlsberg UK Holdings Limited completed in October, generating initial net proceeds of around £230 million, further reducing the Group’s bank debt.

“However, given the prevailing uncertain outlook, management are continuing to take a prudent approach and therefore believe it is appropriate to seek the waivers requested to provide the Security Group with maximum flexibility over the coming months should that be required.

“In addition, and as previously announced, to further ensure that liquidity is maximised within the Security Group, it has agreed not to make any distributions to the wider Marston’s Group until after 2 October 2021 at the earliest.”

Noteholders have been asked to respond by 1 December and a meeting is scheduled for 3 December 2020.

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