Business
Completion of Bank Refinancing
Completion of Bank Refinancing.
About this update from Ssp Group Plc
[{"type":"text","content":"\n\n\nLEI: 213800QGNIWTXFMENJ24\n18 July 2023\nSSP GROUP PLC\nCOMPLETION OF BANK REFINANCING\nSSP Group plc (\"SSP\"), a leading operator of food and beverage outlets in travel locations worldwide, announces that it has completed the refinancing of the Group's syndicated banking facilities. The previous facilities consisted of £338m1 of term loans and an undrawn revolving credit facility of £150m due to mature in January 2025. The term loans have now been repaid.\n \nThe new financing consists of a £300m2 four-year term loan and a currently undrawn £300m revolving credit facility provided by a syndicate of banks comprising BBVA, Bank of America, Barclays, BNP Paribas, Commerzbank, Rabobank, Fifth Third Bank, HSBC, Lloyds, Mizuho, Royal Bank of Canada, SEB, Bank of China, Citibank, Credit Lyonnais and Mediobanca. Lloyds also acted as Coordinator for the transaction.\n \nThe Group's £329m1 existing fixed coupon US Private Placement notes remain in place, with maturities between 2025-2031.\n \nCommenting on the refinancing, Jonathan Davies, Deputy CEO and Group CFO of SSP Group, said:\n\"We are pleased to complete this refinancing which strengthens our balance sheet, extends our maturity profile and maintains our high level of liquidity. We have benefitted from strong support from our banking partners, enabling us to secure the new facilities on improved terms. The refinancing will support the ongoing delivery of our strategic priorities, including rapid growth in North America and Asia Pacific. As previously stated, we anticipate the resumption of ordinary dividend payments for the 2023 financial year.\"\n \nNotes\n1. At current exchange rates\n2. Drawn equally in Sterling and Euros\n \nCONTACTS\nInvestor and analyst enquiries\nSarah John, Corporate Affairs Director, SSP Group plc\nSarah Roff, Group Head of Investor Relations, SSP Group plc\n+44 (0) 7736 089218 / +44 (0) 7980 636214\nE-mail: [email protected] / [email protected] \n \nMedia enquiries\nRob Greening / Nick Hayns\nPowerscourt\n+44 (0) 207 250 1446\nE-mail: [email protected] \n \nNOTES TO EDITORS\n \nAbout SSP\n \nSSP is a leading operator of food and beverage outlets in travel locations worldwide, with c.37,000 colleagues in over 600 locations across 36 countries. We ope...