IG Design Group PLC New Debt Facilities (6862B)
05 Junho 2023 - 10:16AM
UK Regulatory
TIDMIGR
RNS Number : 6862B
IG Design Group PLC
05 June 2023
5 June 2023
IG Design Group plc
('Design Group' or the 'Group')
New Debt Facilities
IG Design Group plc, one of the world's leading designers,
innovators and manufacturers of Gift Packaging, Celebrations, Craft
& Creative Play, Stationery, Gifting and related product
categories, announces the successful refinancing of its lending
facilities.
The Group has successfully negotiated a three-year refinancing
with HSBC and NatWest banks for US$125m and is structured as an
Asset Backed Lending ("ABL") arrangement secured with an all-assets
lien in the USA and an all-assets security in the UK. The Group has
also extended its overdraft facility provided by HSBC. This new
facility replaces the previous revolving credit facilities
originally agreed upon in 2019.
The new facility carries an initial bank margin of 1.75% to
2.25%, based on average excess availability (plus 0.1% spread
adjustment) over the forward-looking term rate based on the US
Secured Overnight Financing Rate ("SOFR"), which is lower than the
margins on the 2019 facilities.
The Board believes that the new ABL facility, which flexes in
line with the receivables in the USA, provides more than sufficient
headroom to fund the Group's working capital needs over the period
of the facility.
The Group intends to announce its full year results on 20 June
2023, including full details of the new financing arrangement.
Stewart Gilliland, Chair, commented:
"We are pleased to have completed this planned refinancing. The
continued support of our key banking partners is greatly
appreciated and shows their confidence in the Group's
prospects."
For further information, please contact:
IG Design Group Plc Tel: +44 (0)1525 887310
Stewart Gilliland, Chair
Paul Bal, CEO & CFO
Canaccord Genuity Limited (Nomad Tel: +44 (0)20 7523
and Broker) 8000
Bobbie Hilliam
Alma PR Tel: +44 (0)20 3405
Sam Modlin 0209
Josh Royston designgroup@almapr.co.uk
Pippa Crabtree
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END
MSCUPUCGQUPWGWA
(END) Dow Jones Newswires
June 05, 2023 09:16 ET (13:16 GMT)
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