HSS successfully secures refinancing

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[{"type":"text","content":"\n \nRNS Number : 9294R HSS Hire Group PLC 20 June 2018  \n\n20 June 2018\n \nCertain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.\n \nHSS Hire Group plc \nHSS successfully secures refinancing with £245m of debt facilities\n \nHSS Hire Group plc (the \"Company\") today announces that it has entered into a new term loan facility of £220m and a revolving credit facility of £25m in order to refinance its existing corporate debt.\n \nThe new term loan facility of £220m will be provided by HPS Investment Partners1 with £200m maturing in June 2023, and £20m, with flexibility to be settled before maturity, in December 2020. This facility is at interest rates of between 700bps and 800bps over LIBOR dependent upon the net debt leverage ratio of the Group.  \n \nIn connection with this new term loan facility, the Company has granted HPS Investment Partners 8,510,300 Warrants to subscribe for new ordinary shares in the Company.  The warrants are exercisable at a price of £0.01per share and can be exercised for five years subject to certain specific conditions, including the full repayment of the term loan facility.\n \nA new revolving credit facility has also been agreed with HSBC Bank plc and National Westminster Bank plc, maturing in December 2022, at rates of between 250bps and 300bps over LIBOR dependent upon the net leverage of the Group.\n \nClosing of the new facilities is subject to customary conditions and is expected to take place in the near future, together with repayment of the Company's existing senior secured notes and revolving credit facility outstanding balances.   \n \nCommenting on the news, Paul Quested, HSS Chief Financial Officer, said:\n\"We are very pleased to have successfully secured the long-term refinancing of the Group.  This now ensures that we have the appropriate facilities in place to continue delivering on our strategic priorities and the Group's full potential\". \n \nNotes\n[1] Certain funds and/or accounts, or subsidiaries of such funds and/or accounts, managed, advised or controlled by HPS Investment Partners, LLC or a subsidiary/affiliate thereof.\n \n-Ends-\n \n \n \n...

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