# THG Plc completes debt refinancing to 2029

- Link: https://www.directorstalkinterviews.com/thg-plc-completes-debt-refinancing-to-2029/4121190135
- Published: 2025-04-04T07:49:47+01:00
- Author: Amilia Stone

**THG Plc** (LON:THG) has announced 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 THG’s preliminary
results and Q1 trading update expected to be announced on or around 30 April.

Share on: