THG PLC Revolving Credit Facility extension to May 2026
March 04 2024 - 2:00AM
RNS Regulatory News
RNS Number : 3686F
THG PLC
04 March 2024
4
March 2024
THG PLC
Revolving Credit Facility
extension to May 2026
THG PLC ("THG" or the "Group"),
confirms the extension of its Revolving Credit Facility "RCF" by 17
months to May 2026.
The £170 million facility remains
undrawn since IPO, and there will be no changes to the financial
covenants or interest margin beyond the existing maturity date.
From December 2024, the facility will be £150 million.
Following the Group's strong profit
and cash performance, closing net leverage[1] for
FY 2023 was c.1.8x, compared to 2.8x for FY 2022. Continued
positive momentum into FY 2024 provides confidence of further
degearing.
The extension affords the Group
continued significant financial flexibility during uncertain
geo-political times. As at December 2023 the Group had c.£600
million of cash and undrawn facilities providing substantial
liquidity and flexibility, to capitalise on growth
opportunities.
For
further information please contact:
[1] Net leverage
defined as the ratio of net debt to adjusted EBITDA. Net debt
consists of loans (excluding lease liabilities), less cash and cash
equivalents.
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