SSP Group has completed the refinancing of its syndicated banking facilities.
The previous facilities consisted of £338m of term loans and an undrawn revolving credit facility of £150m due to mature in January 2025. The term loans have now been repaid.
The new financing consists of a £300m 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.
The Group’s £329m existing fixed coupon US private placement notes remain in place, with maturities between 2025-2031.
Commenting on the refinancing, Jonathan Davies, Deputy CEO and group CFO of SSP Group, said: “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.”
