Completion of debt refinancing
THG completes debt refinancing, extending maturity to December 2029 and reducing net leverage to 2.2x.
- Net leverage post-refinancing 2.2x (prior 3.2x)
- Term Loan B extended €445m
- Term Loan A repaid £74m
- RCF maturity extended May 2029 (prior May 2026)
- FY 2024 continuing Adjusted EBITDA £92m
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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.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.