Global event organiser Informa has announced the completion of its programme of financing activities following the losses incurred as a result of the global pandemic.
The group’s COVID-19 Financing Action Plan included the issue of a follow-on £150 million bond and the cancellation of its short-term surplus credit facility and US private placement loan notes.
The group now has no debt maturities until 2023, no financial covenants and available liquidity of more than £1 billion.
“Informa continues to build stability and security through 2021 and beyond, reflecting the combination of continuing strength in digital subscriptions, the progressive re-opening of physical events in Mainland China and other parts of Asia, and growth across our virtual events and media brands, alongside our ongoing cost and cash management programmes,” said Stephen Carter, group chief executive at Informa PLC.
“Following a nine-month programme of activity, we have now concluded the restructuring, refinancing and rescheduling of our debt. Combined with the continued delivery of our COVID-19 Action Plan, this ensures Informa is on track to deliver positive free cash flow from early 2021, with over £1 billion of available liquidity.”
The completion of the financing action plan, combined with the ongoing cost management programme, will ensure the group is cash positive from January 2021, even assuming no physical events activity other than shows within Mainland China and outdoor events, according to Informa.