Holiday group Saga to refinance debt worth $559 million, Sky News reports (updated)
29/01/2025 17:34
(Adds details from Sky News report in paragraph 2 and 3,
background in paragraph 4)
Jan 29 (Reuters) - Britain's Saga SAGA.L is likely to
announce a deal to help the holiday group refinance more than
450 million pound ($559.4 million) of its existing debt on
Thursday, Sky News reported on Wednesday.
Saga, which specialises in cruise packages for people over
50 years of age, is lining up HPS for the deal, Sky News added.
HPS is being acquired by asset manager BlackRock.
The deal, which financiers expect to be announced along with
Saga's first-quarter trading statement before the market opens
on Thursday, is likely to include a bond and loan from chairman
Roger De Haan and Saga's revolving credit facility, the report
said.
London-listed Saga sold its insurance underwriting business
for $88.1 million to Belgian firm Ageas AGES.BR in October
after facing challenges with the unit's performance.
Saga declined to comment on the report, while HPS did not
immediately respond to Reuters' request for comment.
($1 = 0.8044 pounds)
(Reporting by Prerna Bedi in Bengaluru; Additional reporting by
Judes Joseph; Editing by Leroy Leo)
((Prerna.Bedi@thomsonreuters.com; +91 98052 24616;))