SAGA Investor Update
Amended covenants provide the flexibility needed to respond
to this challenging market environment
Key covenants are in the term loan and RCF
Covenants
Corporate bond
None
1.2x interest cover
Spirit of Discovery
2x debt service
Term loan
Net debt to EBITDA (excluding Cruise)
2020/21 4.75x
―
Interest cover reset
Term loan and RCF
Short-term amendments agreed to
banking covenants given exceptional
circumstances
Headroom to amended covenants in
central scenario
Ship facilities
•
RCF
No plc dividends if leverage >3.0x
•
Note: Full details are included in the appendices
The covenants are effectively tested
at the plc level
12 month waiver offered on all ECA
backed cruise debt
One-year debt holiday also on offer
SAGA
Investor update 2 April 2020
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