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Saga secures new credit facilities, refinances corporate debt in full
(Sharecast News) - Holiday and insurance group Saga said on Friday that it had successfully secured new credit facilities to refinance its corporate debt in full. Earlier in February, Saga announced the results of a tender offer in respect of its £250.0m, 5.5% senior unsecured notes, maturing July 2026. On the same date, Saga announced the mandatory redemption of the outstanding notes, following the conclusion of the tender offer.
Following receipt of funds under the new facilities, Saga said that the conditions for closing of the new facilities had been met and have now been redeemed in full.
Saga stated 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. It also added its existing £50.0m revolving credit facility has been cancelled in full.
As of 0855 GMT, Saga shares were up 0.50% at 121.40p.
Reporting by Iain Gilbert at Sharecast.com
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