SSP Group PLC on Tuesday said it has completed the refinancing of its syndicated banking facilities, including a new £300 million four-year loan and undrawn £300 million revolving credit facility.
The London-based travel food and beverage outlet operator said the new financing will replace its previous facilities, which consisted of £338 million in term loans and an undrawn revolving credit facility of £150 million due to mature in January 2025.
SSP said the term loans have now been repaid.
The new financing has been provided by a syndicate of banks comprising 16 international banks, including Banco Bilbao Vizcaya Argentaria SA, Bank of America Corp, Barclays PLC, BNP Paribas SA, HSBC Holdings PLC and Lloyds Banking Group PLC.
SSP noted its existing £329 million fixed coupon US private placement notes remain in place, with maturities between 2025 to 2031.
‘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,’ said Deputy Chief Executive Officer & Chief Financial Officer Jonathan Davies.
‘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.’
Shares in SSP were up 0.5% to 251.40 pence each in London on Tuesday morning.
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