TIDMCPR
RNS Number : 7366N
Carpetright PLC
11 May 2018
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM AUSTRALIA, CANADA,
JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL
TO DISTRIBUTE THIS ANNOUNCEMENT
This announcement contains inside information as defined in EU
Regulation No. 596/2014 and is in accordance with the Company's
obligations under Article 17 of that Regulation.
LEI: 213800GO32BSNNHXID90
Carpetright plc
("Carpetright" or the "Company" or the "Group")
Interim Funding
Amendments to Revolving Credit Facility
and
Update on Equity Capital Raising
Interim Funding
The Company announced on 12 April 2018 that it required interim
funding of up to GBP15 million prior to the receipt of the net
proceeds of its planned equity capital raising. Carpetright is
pleased to announce that it has now obtained an unsecured loan from
Meditor European Master Fund Limited ("Meditor"), a substantial
shareholder (as defined by the UKLA's Listing Rules) of the
Company, in the amount of GBP15 million (net), to assist the
Company with short-term working capital requirements (the "Second
Meditor Loan"). Meditor's investment advisor is Meditor Capital
Management Limited.
The key terms of the Second Meditor Loan are:
Detail
Principal Net GBP15 million (Gross: GBP17.25 million
which includes a GBP2.25 million arrangement
fee (see below))
------------------------------------------------
Repayment date 31 July 2020
------------------------------------------------
Interest rate 18.0 per cent. per annum (compounding monthly
and to be paid as one payment at the end
of the loan's term)
------------------------------------------------
Arrangement GBP2.25 million (to be paid by way of deduction
fee from the loan)
------------------------------------------------
Security Unsecured
------------------------------------------------
The Second Meditor Loan has been made to the Company on normal
commercial terms, on an unsecured basis and does not have any
unusual features. As such, the Second Meditor Loan meets the
criteria of Listing Rule 11.1.6(2) and therefore does not
constitute a related party transaction (as defined in Listing Rule
11).
On 21 March 2018, the Company announced that it had secured an
unsecured loan of GBP12.5 million from Meditor. The Company expects
to repay this loan out of the proceeds of the proposed equity
capital raise (see update below).
Amendments to Revolving Credit Facility
The Company also announced on 12 April 2018 that its proposed
equity capital raising would require agreement from its lenders to
grant an extension to the Company's revolving credit facility
("RCF"). The Company has now agreed, subject to the satisfaction of
certain conditions, that the final repayment date of the RCF will
be deferred to 31 December 2019 and that the financial covenants in
the RCF will be re-set in accordance with the Company's revised
business plan.
Update on Equity Capital Raising
On 12 April 2018, Carpetright announced that it expected to
raise net proceeds of approximately GBP60 million through an equity
capital raising (expected to be by way of a placing and open offer)
and that it expected to launch this equity capital raising on or
around 18 May 2018. This still remains the Company's
expectation.
Enquiries:
Carpetright plc
Wilf Walsh, Chief Executive
Neil Page, Chief Financial Officer 01708 802000
Peel Hunt LLP (Sponsor and joint broker)
Dan Webster
George Sellar
Nicole McDougall 020 7418 8900
Deutsche Bank AG (Joint broker)
Simon Hollingsworth
Adam Miller 020 7545 8000
Citigate Dewe Rogerson (Financial PR)
Kevin Smith
Nick Hayns 020 7638 9571
Notes to editors
Carpetright plc is Europe's leading specialist floor coverings
and beds retailer. Since the first store was opened in 1988 the
business has developed both organically and through acquisition
within the UK and other European countries. The Group is organised
into two geographical regions, the UK and the Rest of Europe
(comprising The Netherlands, Belgium and the Republic of
Ireland).
This announcement does not constitute an offer to sell, or a
solicitation of offers to purchase or subscribe for, securities in
the United States. The securities referred to herein have not been,
and will not be, registered under the US Securities Act of 1933, as
amended (the "Securities Act"), and may not be offered, exercised
or sold in the United States absent registration or an applicable
exemption from registration under the Securities Act.
Peel Hunt LLP ("Peel Hunt") is authorised and regulated by the
Financial Conduct Authority (the "FCA") and is acting exclusively
for the Company and no one else in relation to the matters referred
to herein and is not, and will not be, responsible to anyone other
than the Company for providing the protections afforded to its
clients or for providing advice in relation to the contents of this
document or any other matter referred to herein.
Deutsche Bank AG, London Branch ("Deutsche Bank") is authorised
under German Banking Law (competent authority: European Central
Bank) and, in the United Kingdom, by the Prudential Regulation
Authority (the "PRA"). It is subject to supervision by the European
Central Bank and by BaFin, Germany's Federal Financial Supervisory
Authority, and is subject to limited regulation in the United
Kingdom by the PRA and the FCA. Details about the extent of its
authorisation and regulation by the PRA, and regulation by the FCA,
are available on request or from
www.db.com/en/content/eu_disclosures.html. Deutsche Bank is acting
exclusively for the Company and no one else in connection with the
matters referred to herein, and Deutsche Bank is not, and will not
be, responsible to anyone other than the Company for providing the
protections afforded to its clients or for providing advice in
relation to the contents of this document or any other matter
referred to herein.
No representation or warranty, express or implied, is or will be
made as to, or in relation to, and no responsibility or liability
is or will be accepted by Peel Hunt or Deutsche Bank or by any of
their respective affiliates or agents as to, or in relation to, the
accuracy or completeness of this announcement or any other written
or oral information made available to or publicly available to any
interested party or its advisers, and any liability therefore is
expressly disclaimed.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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