4th Apr 2025 10:24
(Alliance News) - THG PLC on Friday said it has completed its debt refinancing to 2029 and has decreased its net total leverage to 2.2x from 3.2x.
The Manchester-based e-commerce retailer of consumer beauty and nutrition products has extended the maturity of EUR445 million of its term loan B to December 2029.
It has also partially repaid EUR74 million of term loan A and the remaining EUR155 million of term loan B through balance sheet cash and an equity contribution, and extended the maturity of its existing GBP150 million revolving credit facility to May 2029 from May 2026.
Last week, THG confirmed the structure of its GBP90 million fundraise, which consisted of a GBP22 million share placing and a GBP68 million convertible loan, with Founder & Chief Executive Officer Matthew Moulding contributing two-thirds of the total.
THG has decreased net total leverage to 2.2x from 3.2x before deal fees based on 2024 continuing adjusted earnings before interest, tax, depreciation and amortisation of GBP92 million.
JPMorgan and Barclays acted as lead arrangers on the debt refinancing.
"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," the company said.
THG will report its 2024 preliminary results alongside a first quarter trading update on or around April 30.
Shares in THG were down 0.1% at 29.96 pence in London on Friday morning.
By Michael Hennessey, Alliance News reporter
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