28th Feb 2025 07:00
THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION WITHIN THE MEANING OF ARTICLE 7(1) OF THE MARKET ABUSE REGULATION (EU) 596/2014 (EU MAR) AND ARTICLE 7(1) OF EU MAR AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (UK MAR).
28 February 2025
Saga plc
Saga announces repayment of corporate debt maturing in 2026
and draw down of new long-term credit facilities
On 30 January 2025, Saga plc (Saga or the Group), the UK's specialist in products and services for people over 50, announced that it had secured new credit facilities to refinance the Group's corporate debt in full (the New Facilities), with closing of the New Facilities subject to customary conditions.
On 17 February 2025, Saga announced the results of a tender offer (the Tender Offer) in respect of its £250.0m 5.5% Senior Unsecured Notes, maturing July 2026 (ISIN: XS2357117881) (the Notes). On the same date, Saga announced the mandatory redemption of the outstanding Notes, following the conclusion of the Tender Offer. Both settlements were subject to the receipt of funds from the New Facilities or waiver of this requirement.
Following receipt of funds under the New Facilities, Saga now announces that the conditions to closing of the New Facilities have been met, and accordingly:
· the Notes have been redeemed in full and shall be cancelled and de-listed accordingly;
· the £75.0m drawings under the £85.0m loan facility provided by Roger De Haan, maturing April 2026, have been repaid and, as such, the facility has been cancelled in full; and
· the existing £50.0m revolving credit facility has been cancelled in full.
The Group was advised on the transaction by Lazard & Co Limited and Freshfields LLP.
For further information, please contact:
Saga plc | |
Emily Roalfe | |
Director of Investor Relations and Treasury | Tel: 07732 093 007 |
Email: [email protected] | |
Headland Consultancy | |
Susanna Voyle | Tel: 07980 894 557 |
Will Smith | Tel: 07872 350 428 |
Tel: 020 3805 4822 | |
Email: [email protected]
|
Notes to editors
Saga is a specialist in the provision of products and services for people over 50. The Saga brand is one of the most recognised and trusted brands in the UK and is known for its high level of customer service and its high-quality, award-winning products and services including cruises and travel, insurance, personal finance and media. www.saga.co.uk
Lazard & Co., Limited (Lazard), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively as financial adviser to Saga and no one else in connection with the New Facilities and will not be responsible to anyone other than Saga for providing the protections afforded to clients of Lazard nor for providing advice in relation to the New Facilities or any other matters referred to in this announcement. Neither Lazard nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Lazard in connection with this announcement, any statement contained herein or otherwise.
This announcement is released by the Issuer and contains information that qualified or may have qualified as inside information for the purposes of Article 7 of EU MAR AND UK MAR, encompassing information relating to the Notes described above. For the purposes of EU MAR, UK MAR and the Implementing Technical Standards, this announcement is made by Victoria Haynes, Company Secretary of the Issuer.
LEI: 2138004WWUJN94K2LH95
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