Gym Group PLC (The) Completion of Extended Banking Facility (1809P)

TIDMGYM

RNS Number : 1809P

Gym Group PLC (The)

08 June 2020

The Gym Group plc

("the Company")

Completion of Extended Banking Facility

The Gym group today announces that it has signed an extended bank facility (the "New Facility") with incremental commitments of GBP30 million from its existing lenders HSBC, Natwest and Banco de Sabadell. This agreement formalises the deal which was agreed in principle and outlined within documentation relating to the Company's equity placing announced on 16 April 2020.

The New Facility has an 18 months term and is an amendment to the Company's existing GBP70 million Revolving Credit Facility (RCF) signed with the same three banks in October 2019. From September 2020 until June 2021 the covenant tests of the RCF will be replaced by new covenant tests primarily relating to the performance of the Company against agreed EBITDA targets that reflect a period of gym closure (relating to Covid-19) and phased recovery thereafter. Upon termination or early cancellation of the New Facility the covenants and all other terms of the original RCF will apply until the maturity of the RCF in October 2023.

8 June 2020

For further information, please contact

 
 The Gym Group            via Instinctif Partners 
  Richard Darwin, CEO 
  Mark George, CFO 
 Numis 
  Luke Bordewich 
  George Price            020 7260 1000 
 
   Peel Hunt 
   Dan Webster 
   George Sellar            020 7418 8900 
 
   Instinctif Partners 
   Matthew Smallwood 
   Justine Warren           0207 457 2005/2010

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