Tabcorp secures debt waiver from bank lenders

The waiver covers the next two testing dates for the AU$2.2billion debt which occur on June 30 and December 31.

Australia.- The largest gambling company in Australia, Tabcorp, has received a debt waiver from bank lenders as it fights the financial impact of Covid-19.

This was reached under its syndicated facility agreement (SFA) for a waiver of leverage and interest covenants on an estimated AU$2.2billion of debt until 2021.

The waiver covers the next two testing dates for the debt which occur on June 30 and December 31.

Tabcorp CEO, David Attenborough, said: “The waivers complement recent actions we have taken to preserve our liquidity and mitigate the financial and earnings impacts of Covid-19.

“Tabcorp continues to work proactively and collaboratively with all our stakeholders to emerge from the Covid-19 period as strongly as possible.”

In April, the company laid off 700 employees as part of cost management measures resulting from the pandemic.