S4 Capital (SFOR): Term Loan B deleveraging

What is happening

S4 Capital: Term Loan B deleveraging – TLB cut to €198.8m from €375m. ['TLB cut to €198.8m from €375m']

In short

S4Capital has been buying back its Term Loan B to cut debt. In the 28 Oct 2026 update it said a further €50.9m was repurchased after 30 Sep 2026 (€10.5m still to settle), taking the TLB to €198.8m from €375m. Net debt was £76.0m at 30 Sep 2026, 0.7x EBITDA, and year end is expected comfortably within £50-80m.

Announced

28 Oct 2026 · TLB cut to €198.8m from €375m

TLB outstanding

€198.8 million, down from €375 million

Latest repurchase

€50.9 million after 30 Sep 2026; €10.5 million awaiting settlement

Previously repurchased

€125.3 million

Net debt

£76.0 million at 30 Sep 2026, 0.7x pro-forma trailing 12 month operational EBITDA

Year end target

Net debt £50-80 million; company expects to be comfortably within

Covenant

Net debt not to exceed 4.5x pro-forma 12 month operational EBITDA

What comes next

Year end net debt within £50-80 million target.

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