Tabcorp Holdings has reached an agreement with its US debt holders that will enable the ASX gambling group to postpone payments on their debt agreements.
Last month, Tabcorp announced it had entered into negotiations with US debt holders to get new covenant terms on its AUS $2.1 billion corporate debt tranche, maximising financial flexibility as it looks to navigate COVID-19 headwinds.
Tabcorp has stated by releasing a market filing that US bond holders will require the group to postpone the next two covenant interest payments covering the trading periods of June 30 and December 31, 2020.
Tabcorp will see the redemption on interest repayments null its investor dividend incentives for the fiscal year ending June 30 a figure previously …
Read the full article at: https://inkedin.com/blog/2020/06/05/tabcorp-reaches-agreement-for-debt-postponement/