SSP Group PLC Completion of Bank Refinancing (2901G)
July 18 2023 - 2:00AM
UK Regulatory
TIDMSSPG
RNS Number : 2901G
SSP Group PLC
18 July 2023
LEI: 213800QGNIWTXFMENJ24
18 July 2023
SSP GROUP PLC
COMPLETION OF BANK REFINANCING
SSP 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 GBP338m(1) of term
loans and an undrawn revolving credit facility of GBP150m due to
mature in January 2025. The term loans have now been repaid.
The new financing consists of a GBP300m(2) four-year term loan
and a currently undrawn GBP300m 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 GBP329m(1) 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."
Notes
1. At current exchange rates
2. Drawn equally in Sterling and Euros
CONTACTS
Investor and analyst enquiries
Sarah John, Corporate Affairs Director, SSP Group plc
Sarah Roff, Group Head of Investor Relations, SSP Group plc
+44 (0) 7736 089218 / +44 (0) 7980 636214
E-mail: sarah.john@ssp-intl.com / sarah.roff@ssp-intl.com
Media enquiries
Rob Greening / Nick Hayns
Powerscourt
+44 (0) 207 250 1446
E-mail: ssp@powerscourt-group.com
NOTES TO EDITORS
About SSP
SSP 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 operate sit-down and quick service
restaurants, cafes, lounges and food-led convenience stores,
principally in airports and train stations, with a portfolio of
more than 550 international, national and local brands. These
include our own brands (such as UrbanCrave, which brought the first
"street eats" concept to airports in the US, Nippon Ramen, a noodle
and dumpling concept in the Asia Pac region, and Juniper, a premium
bar in the UK) as well as franchise brands (such as M&S,
Starbucks and Burger King).
Our purpose is to be the best part of the journey, and this is
underpinned by our aim to bring leading brands and innovative
concepts to our clients and customers around the world, with an
emphasis on great value, taste, quality and service - using digital
technology to boost efficiency.
www.foodtravelexperts.com
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END
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