News: SYD Sydney Airport Holdings Says Co Secures $850 Mln Of Additional Bank Debt Facilities

April 20 (Reuters) - Sydney Airport Holdings Pty Ltd (SYD) :

• SYDNEY AIRPORT SECURES $850M OF ADDITIONAL BANK DEBT FACILITIES
• ADVISES NO HALF YEAR DISTRIBUTION WILL BE PAID
• OPERATING EXPENDITURE REDUCTION MEASURES IMPLEMENTED INCLUDING REDUCING DIRECTORS' FEES AND CEO FIXED REMUNERATION BY 20%
• TARGETING AT LEAST A 35% REDUCTION IN OPERATING COSTS FOR THE NEXT 12 MONTHS FROM 1 APRIL 2020
• TARGETING A CAPITAL INVESTMENT RANGE OF $150-$200M FOR NEXT 12 MONTHS FROM 1 APRIL 2020
• DIRECTORS OF SYDNEY AIRPORT & TRUST CO (SYDNEY AIRPORT) DECIDED TO REDUCE THEIR FEES BY 20% FOR 3 MONTHS STARTING 1 APRIL
• TOTAL TRAFFIC FOR MARCH WAS 2.0 MILLION PASSENGERS, DOWN 45.1%
• EXPECT TO SEE SIMILAR REDUCTIONS IN TRAFFIC FOR SO LONG AS CURRENT RESTRICTIONS ON TRAVEL REMAIN IN PLACE
• FOR FIRST 16 DAYS OF APRIL PROVISIONAL DATA INDICATES A 96.1% DECREASE IN INTERNATIONAL PASSENGER TRAFFIC
• FOR FIRST 16 DAYS OF APRIL PROVISIONAL DATA INDICATES 97.4% DECREASE IN DOMESTIC PASSENGER TRAFFIC
• IN MARCH, INTERNATIONAL TRAFFIC WAS 0.7 MILLION, DOWN 47.9% AND DOMESTIC TRAFFIC WAS 1.3 MILLION, DOWN 43.4% ON PCP

Source text https://reut.rs/3afJe8g

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