TRG amends and extends debt package to £340m
This also represents a £21m early repayment of its previous facilities, as the group continues to have a ‘strong’ liquidity position with over £140m of cash headroom
The Restaurant Group has announced that it has amended and extended its debt facilities to £340m.
The revised debt package comprises a £220m term loan facility and a £120m Revolving Credit Facility (RCF) with its existing lenders.
This also represents a £21m early repayment of its previous facilities, as the group continues to have a “strong” liquidity position with over £140m of cash headroom.
In addition, this provides the group with two extra years of debt facilities with the maturities of the term loan and the RCF extended to April 2028 and March 2027, respectively. The covenant package provides additional covenant headroom for the group until March 2025.
It was previously reported that TRG had purchased interest rate caps on £125m of debt limiting the SONIA base rate to 0.75% effective from November 2022 to November 2025, as well as on £100m of debt limiting the SONIA base rate to 0.75% effective from November 2025 to November 2026.
According to the group, these caps reduce the risk of interest rate changes on its debt over the next four years.
