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Gym Group PLC (The) (GYM)

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Monday 08 June, 2020

Gym Group PLC (The)

Completion of Extended Banking Facility

RNS Number : 1809P
Gym Group PLC (The)
08 June 2020
 

The Gym Group plc

("the Company")

 

Completion of Extended Banking Facility

 

 

The Gym group today announces that it has signed an extended bank facility (the "New Facility") with incremental commitments of £30 million from its existing lenders HSBC, Natwest and Banco de Sabadell. This agreement formalises the deal which was agreed in principle and outlined within documentation relating to the Company's equity placing announced on 16 April 2020.

 

The New Facility has an 18 months term and is an amendment to the Company's existing £70 million Revolving Credit Facility (RCF) signed with the same three banks in October 2019. From September 2020 until June 2021 the covenant tests of the RCF will be replaced by new covenant tests primarily relating to the performance of the Company against agreed EBITDA targets that reflect a period of gym closure (relating to Covid-19) and phased recovery thereafter. Upon termination or early cancellation of the New Facility the covenants and all other terms of the original RCF will apply until the maturity of the RCF in October 2023.

 

  8 June 2020     

For further information, please contact

The Gym Group

Richard Darwin, CEO

Mark George, CFO

 

via Instinctif Partners

Numis

Luke Bordewich

George Price

020 7260 1000

 

Peel Hunt

Dan Webster

George Sellar

 

020 7418 8900

 

Instinctif Partners

Matthew Smallwood

Justine Warren

 

0207 457 2005/2010

 





 

 


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