REG - Quarto Group Inc - Announcing new bank facility

QuartoAnnouncement

17/02/2021 07:01

RNS Number : 3938P
  
Quarto Group Inc
  
17 February 2021
  
 

 
The Quarto Group, Inc.
(the "Group", "Quarto")
 
Announcing new bank facility
 
Quarto, the world's leading global illustrated book publisher and distribution group, announces that it has entered into a new three-year five-month bank facility.  The Group has signed a US$20m multicurrency revolving credit and term loan facility (the "New Facility") with National Westminster Bank PLC and Santander UK PLC.  The New Facility matures on 16th July 2024 and replaces the existing syndicated bank facility which was due to expire on 31st July 2021.
 
In addition to the agreement to the New Facility, 1010 Printing Limited (a subsidiary of the Lion Rock Group Limited) and C.K. Lau have agreed to extend the current $13m unsecured and subordinated loans to the Group, which were entered into on 31 October 2018, on identical terms to those originally entered into and on normal commercial terms.  Furthermore, 1010 Printing Limited has agreed to provide a further $10m unsecured and subordinated loan to the Company on normal commercial terms.  These unsecured and subordinated loans are repayable by 31st August 2024.
 
Andy Cumming, Chairman, said "We are delighted to have concluded our refinancing with National Westminster Bank PLC and Santander UK PLC.  They have been very supportive of our strategy and continue to recognise the ongoing strength of the business.
 
In 2018 the Board initiated a strategy to reduce the level of bank facilities, which totalled $80m at the time, and the New Facility represents the successful execution of this strategy - a significant achievement for the Group.  This solid platform will allow the business to move forward and focus on growth."
 
 
 
 
The Legal Identified of Quarto is 549300BJ2WPX3QUATW58.
 
For further information, please contact:
 




The Quarto Group, Inc.


 




Michael Clarke, Company Secretary


+44 (0)20 7700 6700




 
About The Quarto Group
 
The Quarto Group (LSE: QRT) creates a wide variety of books and intellectual property products, with a mission to inspire life's experiences. Produced in many formats for adults, children and the whole family, our products are visually appealing, information rich and stimulating.
 
The Group encompasses a diverse portfolio of imprints and businesses that are creatively independent and expert in developing long-lasting content across specific niches of interest.
 
Quarto sells and distributes its products globally in over 50 countries and 40 languages, through a variety of sales channels, partnerships and routes to market.
 
Quarto employs c.300 talented people in the US and the UK. The group was founded in London in 1976. It is domiciled in the US and listed on the London Stock Exchange. 
 
For more information, visit quarto.com or follow us on Twitter at @TheQuartoGroup.
 

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 or visit 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.
 
  END
 
 
AGRFIFEEFDIDLIL