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SSP Group refinances with £600 million term loan, revolver
By Marisa Wong
Los Angeles, July 18 – SSP Group plc announced it completed a refinancing of its syndicated banking facilities, according to a Tuesday press release.
The previous facilities consisted of £338 million of term loans and an undrawn revolving credit facility of £150 million due to mature in January 2025. The term loans have now been repaid.
The new financing consists of a £300 million four-year term loan and a currently undrawn £300 million revolver 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 noted that its £329 million existing fixed coupon U.S. private placement notes remain in place, with maturities between 2025 and 2031.
Jonathan Davies, deputy chief executive officer and group chief financial officer, said in the release, “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.”
SSP is a London-based operator of food and beverage outlets in travel locations worldwide.
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