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Brink’s Amends Credit Facility to Provide Additional Financial Flexibility
June 15, 2020
Source: GlobeNewswire
The Brink’s Company (NYSE:BCO) today announced an amendment to its existing credit agreement that provides long-term covenant relief and added flexibility to execute its strategic plan. The amendment changes the methodology for calculating the company’s leverage ratio by using a net first lien leverage ratio (net secured debt leverage ratio) instead of a total net debt leverage ratio. The new ratio excludes unsecured debt, which was approximately $600 million as of March 31, 2020, from leverage ratio calculations through the expiration of the agreement in 2024.
Under the amended agreement, the maximum leverage ratio for the remainder of 2020 is 4.25x. Pro forma for the G4S acquisition (assuming completion), the leverage ratio is 2.6x based on the trailing 12 months of Adjusted EBITDA as of March 31, 2020. The calculation of the ratio continues to include trailing 12-month pro forma Adjusted EBITDA and synergies related to the acquisition of G4S cash operations.
Doug Pertz, president and CEO, said: “We believe this amendment provides substantial financial headroom to continue the execution of our strategic plan, even if there is additional negative impact from the ongoing COVID-19 pandemic. The adoption of this amendment demonstrates the value of having a supportive group of lenders who unanimously approved the amendment.”
The credit agreement pricing grid remains unchanged, except for the addition of a fifth tier if the leverage ratio exceeds 4.0x.
About The Brink’s Company
The Brink’s Company (NYSE:BCO) is the global leader in total cash management, secure route-based logistics and payment solutions including cash-in-transit, ATM services, cash management services (including vault outsourcing, money processing and intelligent safe services), and international transportation of valuables. Our customers include financial institutions, retailers, government agencies, mints, jewelers and other commercial operations. Our global network of operations in 48 countries serves customers in more than 100 countries. For more information, please visit our website at www.Brinks.com or call 804-289-9709.
Contact:
Investor Relations and Corporate Communications
804.289.9709
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