The Restaurant Group (TRG) has signed commitments in relation to £500m of new debt facilities, which comprise a £380m term loan facility and a £120m super senior revolving credit facility.

The new facilities provide the group with enhanced liquidity and refinancing. They will, as required, be used to pay and refinance in full all of TRG’s existing debt facilities, which are due to reach maturity by July 2022.

TRG said this see its financing arrangements simplified as the group will be consolidated into one finance group at the TRG level, which will provide a more efficient funding structure to support its strategic initiatives.

The group expects its cash burn rate of around £5.5m per four-week period to continue at this level until Covid restrictions are relaxed to allow indoor dining from 17 May at the earliest.

Net debt at the year-end (27 December 2020), is expected to be approximately £340m.

TRG said that of its 200 sites that are currently trading for delivery and takeaway, the performance at those sites in the current financial year had been “very encouraging”, with average standalone takeaway sales in Wagamama and Leisure at approximately 2.5x and 5.0x pre-Covid-19 levels respectively, during the lockdown.

The group said that with this strong operating platform in place, it has “good capability to deliver an accelerated reopening plan for dine-in trading, once the current restrictions for hospitality businesses end, with all viable sites being reopened within two weeks”.