Holidaybreak PLC
09 May 2008
9 May 2008: For immediate release
HOLIDAYBREAK PLC
Completion of refinancing
Holidaybreak, the European specialist holiday and educational activity group,
today announces that it has completed the refinancing of the Group's debt
facilities. The refinancing package consists of a £275m committed five-year
facility at an initial margin of 130 basis points over LIBOR, with a syndicate
of six banks led by Barclays and RBS. This replaces the Group's previous
facilities, which totalled £255m. Following the successful acquisition of PGL
and NST in 2007, the group's pro-forma average net debt last year was
approximately £162 million.
Carl Michel, Holidaybreak CEO said:
"We are delighted that we have been able to arrange this refinancing package on
good terms, especially given current debt market conditions. We appreciate the
support that Barclays and RBS, together with the other banks, continue to offer
to the Group.
This refinancing package will provide the Group with the flexibility to build on
the successes of recent years. The Group remains prudently financed and will
continue to be able to consider further acquisitions if and when appropriate."
Enquiries:
Holidaybreak: +44 (0) 1606 787100
Carl Michel / Bob Baddeley
Brunswick +44 (0) 20 7404 5959
Craig Breheny / Oliver Hughes
Note to Editors
Holidaybreak (HBR.L) is listed on the London Stock Exchange. Holidaybreak has
four operating divisions: Hotel Breaks, Education, Adventure Travel and Camping.
Each is a market leader in its respective specialist sector of the European
holiday and educational activity industry, has multi-channel distribution and is
recognised for providing high standards of product and service quality. For more
information, please go to www.holidaybreak.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange