REG - SSP Group PLC - Completion of Bank Refinancing

SSPAnnouncement

18/07/2023 07:00

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RNS Number : 2901G  SSP Group PLC  18 July 2023

LEI: 213800QGNIWTXFMENJ24

18 July 2023

SSP GROUP PLC

COMPLETION OF BANK REFINANCING

SSP Group plc ("SSP"), a leading operator of food and beverage outlets in
travel locations worldwide, announces that it has completed the refinancing of
the Group's syndicated banking facilities.  The previous facilities consisted
of £338m(1) of term loans and an undrawn revolving credit facility of £150m
due to mature in January 2025. The term loans have now been repaid.

 

The new financing consists of a £300m(2) four-year term loan and a currently
undrawn £300m revolving credit facility provided by a syndicate of banks
comprising BBVA, Bank of America, Barclays, BNP Paribas, Commerzbank,
Rabobank, Fifth Third Bank, HSBC, Lloyds, Mizuho, Royal Bank of Canada, SEB,
Bank of China, Citibank, Credit Lyonnais and Mediobanca. Lloyds also acted as
Coordinator for the transaction.

 

The Group's £329m(1) existing fixed coupon US Private Placement notes remain
in place, with maturities between 2025-2031.

 

Commenting on the refinancing, Jonathan Davies, Deputy CEO and Group CFO of
SSP Group, said:

"We are pleased to complete this refinancing which strengthens our balance
sheet, extends our maturity profile and maintains our high level of
liquidity.  We have benefitted from strong support from our banking partners,
enabling us to secure the new facilities on improved terms.  The refinancing
will support the ongoing delivery of our strategic priorities, including rapid
growth in North America and Asia Pacific. As previously stated, we anticipate
the resumption of ordinary dividend payments for the 2023 financial year."

 

Notes

1. At current exchange rates

2. Drawn equally in Sterling and Euros

 

CONTACTS

Investor and analyst enquiries

Sarah John, Corporate Affairs Director, SSP Group plc

Sarah Roff, Group Head of Investor Relations, SSP Group plc

+44 (0) 7736 089218 / +44 (0) 7980 636214

E-mail: sarah.john@ssp-intl.com (mailto:sarah.john@ssp-intl.com) /
sarah.roff@ssp-intl.com (mailto:sarah.roff@ssp-intl.com)

 

Media enquiries

Rob Greening / Nick Hayns

Powerscourt

+44 (0) 207 250 1446

E-mail: ssp@powerscourt-group.com (mailto:ssp@powerscourt-group.com)

 

NOTES TO EDITORS

 

About SSP

 

SSP is a leading operator of food and beverage outlets in travel locations
worldwide, with c.37,000 colleagues in over 600 locations across 36
countries.  We operate sit-down and quick service restaurants, cafes, lounges
and food-led convenience stores, principally in airports and train stations,
with a portfolio of more than 550 international, national and local brands.
These include our own brands (such as UrbanCrave, which brought the first
"street eats" concept to airports in the US, Nippon Ramen, a noodle and
dumpling concept in the Asia Pac region, and Juniper, a premium bar in the UK)
as well as franchise brands (such as M&S, Starbucks and Burger King).

 

Our purpose is to be the best part of the journey, and this is underpinned by
our aim to bring leading brands and innovative concepts to our clients and
customers around the world, with an emphasis on great value, taste, quality
and service - using digital technology to boost efficiency.

www.foodtravelexperts.com (http://www.foodtravelexperts.com)

 

 

 

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