HSS Hire Group PLC HSS successfully secures refinancing (9294R)
20 June 2018 - 4:00PM
UK Regulatory
TIDMHSS
RNS Number : 9294R
HSS Hire Group PLC
20 June 2018
20 June 2018
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
HSS Hire Group plc
HSS successfully secures refinancing with GBP245m of debt
facilities
HSS Hire Group plc (the "Company") today announces that it has
entered into a new term loan facility of GBP220m and a revolving
credit facility of GBP25m in order to refinance its existing
corporate debt.
The new term loan facility of GBP220m will be provided by HPS
Investment Partners(1) with GBP200m maturing in June 2023, and
GBP20m, with flexibility to be settled before maturity, in December
2020. This facility is at interest rates of between 700bps and
800bps over LIBOR dependent upon the net debt leverage ratio of the
Group.
In connection with this new term loan facility, the Company has
granted HPS Investment Partners 8,510,300 Warrants to subscribe for
new ordinary shares in the Company. The warrants are exercisable at
a price of GBP0.01per share and can be exercised for five years
subject to certain specific conditions, including the full
repayment of the term loan facility.
A new revolving credit facility has also been agreed with HSBC
Bank plc and National Westminster Bank plc, maturing in December
2022, at rates of between 250bps and 300bps over LIBOR dependent
upon the net leverage of the Group.
Closing of the new facilities is subject to customary conditions
and is expected to take place in the near future, together with
repayment of the Company's existing senior secured notes and
revolving credit facility outstanding balances.
Commenting on the news, Paul Quested, HSS Chief Financial
Officer, said:
"We are very pleased to have successfully secured the long-term
refinancing of the Group. This now ensures that we have the
appropriate facilities in place to continue delivering on our
strategic priorities and the Group's full potential".
Notes
[1] Certain funds and/or accounts, or subsidiaries of such funds
and/or accounts, managed, advised or controlled by HPS Investment
Partners, LLC or a subsidiary/affiliate thereof.
-Ends-
For further information, please contact:
HSS Hire Group plc Tel: 020 3757 9248 (on 20 June
2018)
(parent company of Hero Acquisitions Thereafter please email: Investors@hss.com
Limited)
Steve Ashmore, Chief Executive
Officer
Paul Quested, Chief Financial
Officer
Jonathan Edwards, Investor Relations
Manager
Teneo Blue Rubicon Tel: 020 3757 9248
Robert Morgan
Shona Buchanan
Disclaimer:
This announcement contains forward-looking statements relating
to the business, financial performance and results of HSS Hire
Group plc and the industry in which HSS Hire Group plc operates.
These statements may be identified by words such as "expect",
"believe", "estimate", "plan", "target", or "forecast" and similar
expressions, or by their context. These statements are made on the
basis of current knowledge and assumptions and involve risks and
uncertainties. Various factors could cause actual future results,
performance or events to differ materially from those described in
these statements and neither HSS Hire Group plc nor any other
person accepts any responsibility for the accuracy of the opinions
expressed in this presentation or the underlying assumptions. No
obligation is assumed to update any forward-looking statements.
Notes to editors
HSS Hire Group plc provides tool and equipment hire and related
services in the UK and Ireland through a nationwide network of over
250 locations. Focusing primarily on the maintain and operate
segments of the market, over 90% of its revenues come from business
customers. HSS is listed on the Main Market of the London Stock
Exchange. For more information please see www.hsshiregroup.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCLIFFVREIIFIT
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