REG - SAGA Plc - Repayment of corporate debt and new draw down

SagaAnnouncement

28/02/2025 07:00

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RNS Number : 7897Y  SAGA PLC  28 February 2025

THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIED OR
MAY HAVE QUALIFIED AS INSIDE INFORMATION WITHIN THE MEANING OF ARTICLE 7(1) OF
THE MARKET ABUSE REGULATION (EU) 596/2014 (EU MAR) AND ARTICLE 7(1) OF EU MAR
AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018 (UK MAR).

 

28 February 2025

 

Saga plc

Saga announces repayment of corporate debt maturing in 2026

and draw down of new long-term credit facilities

On 30 January 2025, Saga plc (Saga or the Group), the UK's specialist in
products and services for people over 50, announced that it had secured new
credit facilities to refinance the Group's corporate debt in full (the New
Facilities), with closing of the New Facilities subject to customary
conditions.

On 17 February 2025, Saga announced the results of a tender offer (the Tender
Offer) in respect of its £250.0m 5.5% Senior Unsecured Notes, maturing July
2026 (ISIN: XS2357117881) (the Notes). On the same date, Saga announced the
mandatory redemption of the outstanding Notes, following the conclusion of the
Tender Offer. Both settlements were subject to the receipt of funds from the
New Facilities or waiver of this requirement.

Following receipt of funds under the New Facilities, Saga now announces that
the conditions to closing of the New Facilities have been met, and
accordingly:

·      the Notes have been redeemed in full and shall be cancelled and
de-listed accordingly;

·      the £75.0m drawings under the £85.0m loan facility provided by
Roger De Haan, maturing April 2026, have been repaid and, as such, the
facility has been cancelled in full; and

·      the existing £50.0m revolving credit facility has been cancelled
in full.

 

The Group was advised on the transaction by Lazard & Co Limited and
Freshfields LLP.

 

For further information, please contact:

 Saga plc
 Emily Roalfe
 Director of Investor Relations and Treasury  Tel: 07732 093 007
                                              Email: emily.roalfe@saga.co.uk (mailto:emily.roalfe@saga.co.uk)
 Headland Consultancy
 Susanna Voyle                                Tel: 07980 894 557
 Will Smith                                   Tel: 07872 350 428
                                              Tel: 020 3805 4822
                                              Email: saga@headlandconsultancy.com (mailto:saga@headlandconsultancy.com)

 

Notes to editors

Saga is a specialist in the provision of products and services for people over
50. The Saga brand is one of the most recognised and trusted brands in the UK
and is known for its high level of customer service and its high-quality,
award-winning products and services including cruises and travel, insurance,
personal finance and media. www.saga.co.uk (http://www.saga.co.uk)

 

Lazard & Co., Limited (Lazard), which is authorised and regulated in the
United Kingdom by the Financial Conduct Authority, is acting exclusively as
financial adviser to Saga and no one else in connection with the New
Facilities and will not be responsible to anyone other than Saga for providing
the protections afforded to clients of Lazard nor for providing advice in
relation to the New Facilities or any other matters referred to in this
announcement. Neither Lazard nor any of its affiliates owes or accepts any
duty, liability or responsibility whatsoever (whether direct or indirect,
whether in contract, in tort, under statute or otherwise) to any person who is
not a client of Lazard in connection with this announcement, any statement
contained herein or otherwise.

This announcement is released by the Issuer and contains information that
qualified or may have qualified as inside information for the purposes of
Article 7 of EU MAR AND UK MAR, encompassing information relating to the Notes
described above. For the purposes of EU MAR, UK MAR and the Implementing
Technical Standards, this announcement is made by Victoria Haynes, Company
Secretary of the Issuer.

LEI: 2138004WWUJN94K2LH95

 

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