REG - Nightcap PLC - Refinancing of banking facilities

NightcapAnnouncement

17/08/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220817:nRSQ2412Wa&default-theme=true

RNS Number : 2412W  Nightcap PLC  17 August 2022

17 August 2022

 

Nightcap plc

("Nightcap" or the "Company" or the "Group")

 

Refinancing of banking facilities

 

Nightcap (AIM: NGHT), the owner of The Cocktail Club, the Adventure Bar Group
and the Barrio Familia group of bars, announces that it has agreed a £10.0m
debt refinancing facility with HSBC.

The new debt facility will see the Group consolidate its various existing debt
facilities, totalling £5.5m, across its businesses. The remaining £4.5m
under the new HSBC debt facility is reserved for capital expenditure on the
Group's new sites as Nightcap looks to continue to grow its footprint in prime
locations, both in London and in key cities across the UK. In addition to the
31 open venues and the three sites in final stages of fit out, the Group has a
further 22 premises under offer or in legal negotiations across the Group's
brands.

The new debt facility comprises two tranches: a £3.0m term loan which is
repayable over the next three year period and a £7.0m revolving credit
facility. The term loan and the revolving credit facility have interest rates
payable of 3% and 3.25% over SONIA respectively, which represent improved
interest rate terms compared to the legacy facilities. The Group is providing
the usual covenants and security for a debt facility of this nature.

As announced in the Company's trading update on 4 August 2022 the Company's
cash position (including cash in transit) as at 3 July 2022 was £6.1m.

Completion of the new debt facility (and therefore the refinancing) is subject
to the satisfaction of certain customary conditions precedent.

Sarah Willingham, Chief Executive Officer of Nightcap, commented:

"When we listed Nightcap on AIM and embarked on a company and new site
acquisition programme last year, we knew that we would want to consolidate our
debt facilities with the right banking partner.

"We have taken our time and at the end of a very competitive process we are
delighted to have successfully agreed our Group refinancing. We are over the
moon to be partnering with HSBC, who have proven themselves as long-term
supporters of our sector.

"Throughout the process the HSBC team showed an appreciation for our team and
performance and a deep understanding of the unique opportunity we are
capturing with Nightcap.

"The £10m debt facility will support our growth plans for the coming years as
we make good on our mission for Nightcap to become the UK's leading cocktail
bar group."

For further enquiries:

 Nightcap plc

 Sarah Willingham / Toby Rolph / Gareth Edwards                             email@nightcapplc.com (mailto:email@nightcapplc.com)
 Allenby Capital Limited (Nominated Adviser and Broker)

 Nick Naylor / Alex Brearley / Piers Shimwell (Corporate Finance)

 Jos Pinnington / Amrit Nahal / Tony Quirke (Sales and Corporate Broking)

                                                                            +44 (0) 20 3328 5656

                                                                            www.allenbycapital.com (http://www.allenbycapital.com/)
 Bright Star Digital (PR)                                                   https://www.brightstardigital.co.uk/ (https://www.brightstardigital.co.uk/)

 Pam Lyddon                                                                 +44 (0) 7534 500 829

                                                                            pamlyddon@brightstardigital.co.uk (mailto:pamlyddon@brightstardigital.co.uk)

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCVQLFFLVLEBBK