Investor Presentaiton
SUCCESSFUL REFINANCING OF BANK FACILITIES
Financing now in place until July 2027
• The Group successfully refinanced the existing revolving credit facility in July 2022, and
entered into a new unsecured multi-currency revolving credit facility of £200m, expiring in
July 2027, together with the issuance of sterling-denominated private placement loan notes
of £200m, with a due date for repayment in July 2027
• The new unsecured multi-currency revolving credit facility incurs interest at a margin over
SONIA of between 185bps and 285bps depending on leverage, plus a utilisation fee of
between Obps and 30bps of the aggregate amount of the outstanding loans
•
The private placement loan notes incur interest at a fixed rate at 4.26%
The financial covenants under both new financing agreements are consistent. These
covenants relate to measurement of adjusted EBITDAR against consolidated net finance
charges (interest cover) and adjusted EBITDA to net debt (leverage ratio) measured semi-
annually on a trailing 12 month basis at half year and year end. The interest cover covenant
under the terms of both agreements be less than 1.5:1, and leverage ratio cannot be more
than 3:1. Figures used in the calculation of both covenants exclude the impact of IFRS 16.
34 HALF YEAR RESULTS 2022
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