BAM obtains waiver from providers revolving credit facility
Bunnik, the Netherlands, 10 August 2020 – Royal BAM Group nv has obtained a waiver from the providers of the revolving credit facility (RCF) which had been requested due to the possible breach of the recourse interest ratio covenant. This relates to fully drawing down the €400 million RCF in March 2020 and the earlier reported deterioration of the operating results in the first half of the year. As an additional precautionary measure BAM also obtained a waiver for the recourse leverage ratio covenant. Both waivers are valid for 12 months.
On 2 July 2020, BAM published a trading update and reported an expected adjusted loss before tax of approximately €130 - €150 million for the first half of the year. BAM will announce the results for the first half year on 20 August 2020.
Further information
- analysts: Michel Aupers, michel.aupers@bam.com, +31 (0)30 659 87 07;
- press: Arno Pronk, arno.pronk@bam.com, +31 (0)30 659 86 23.
This press release contains inside information within the meaning of article 7(1) of the EU Market Abuse Regulation.