REG - THG PLC - Completion of debt refinancing

THGAnnouncement

04/04/2025 07:00

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RNS Number : 6285D  THG PLC  04 April 2025

04 April 2025

 

THG PLC

 

Successful completion of debt refinancing to December 2029

 

 

THG PLC ("THG" or the "Company") today announces the successful completion of
its debt refinancing to 2029.

 

As noted on 24 March 2025, THG has been undertaking a comprehensive
refinancing exercise. To confirm, this includes:

 

·      a partial Amend & Extend of the Term Loan B to extend the
maturity of €445m to December 2029;

·      a partial repayment of £74m of the Term Loan A and the remaining
€155m of the TLB through a combination of cash on balance sheet and the
Equity Contribution; and

·      extending the maturity of the existing £150m RCF from May 2026
to May 2029.

 

As a result of the proposed refinancing, net total leverage (excl. leases)
decreases from 3.2x to 2.2x pre deal fees based on FY 2024 continuing Adjusted
EBITDA (excluding Ingenuity) of £92m. THG is a fundamentally cash generative
business and the refinancing underlines the Company's target to progress
towards a neutral net cash / net debt position.

 

J.P. Morgan and Barclays acted as Mandated Lead Arrangers and Physical
Bookrunners on the debt refinancing, with HSBC Bank plc, NatWest Markets PLC
and BNP Paribas S.A. as Joint Bookrunners. Clifford Chance LLP acted on behalf
of the Company, with Latham & Watkins (London) LLP acting for the lenders.

 

More details of FY 2024 performance will be provided as part of the Group's
preliminary results and Q1 trading update expected to be announced on or
around 30 April.

 

 

For further information, please contact:

 Investor enquiries - THG PLC

 Kate Grimoldby, Director of Investor Relations and Strategic Projects  Investor.Relations@thg.com (mailto:Investor.Relations@thg.com)

 Media enquiries:
 Sodali & Co - Financial PR adviser                                     Tel: +44 (0) 20 7250 1446
 Victoria Palmer-Moore / Russ Lynch                                     thg@sodali.com (mailto:thg@powerscourt-group.com)

 THG PLC                                                                media-enquiries@thg.com

 

 

Notes to editors

 

THG PLC is a global e-commerce group headquartered in Manchester, UK,
operating through two leading consumer businesses: THG Beauty and THG
Nutrition.

 

THG Beauty operates prominent online platforms including Lookfantastic,
Dermstore and Cult Beauty, offering a valued route to market for over 1,300
third-party brands, alongside a specialist portfolio of owned brands.

 

THG Nutrition, led by Myprotein, the world's largest online sports nutrition
brand, spans multiple health and wellness categories, delivering its products
both directly to consumers and through strategic offline partnerships
worldwide.

 

 

Cautionary Statement

 

Certain statements included within this announcement may constitute
"forward-looking statements" in respect of the group's operations,
performance, prospects and/or financial condition. Forward-looking statements
are sometimes, but not always, identified by their use of a date in the future
or such words and words of similar meaning as "anticipates", "aims", "due",
"could", "may", "will", "should", "expects", "believes", "intends", "plans",
"potential", "targets", "goal" or "estimates". By their nature,
forward-looking statements involve a number of risks, uncertainties and
assumptions and actual results or events may differ materially from those
expressed or implied by those statements. Accordingly, no assurance can be
given that any particular expectation will be met and reliance should not be
placed on any forward-looking statement. Additionally, forward-looking
statements regarding past trends or activities should not be taken as a
representation that such trends or activities will continue in the future. No
responsibility or obligation is accepted to update or revise any
forward-looking statement resulting from new information, future events or
otherwise. Nothing in this announcement should be construed as a profit
forecast. This announcement does not constitute or form part of any offer or
invitation to sell, or any solicitation of any offer to purchase any shares or
other securities in the Company, nor shall it or any part of it or the fact of
its distribution form the basis of, or be relied on in connection with, any
contract or commitment or investment decisions relating thereto, nor does it
constitute a recommendation regarding the shares or other securities of the
Company. Past performance cannot be relied upon as a guide to future
performance and persons needing advice should consult an independent financial
adviser. Statements in this announcement reflect the knowledge and information
available at the time of its preparation.

 

 

 

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