TIDMIGR

RNS Number : 6862B

IG Design Group PLC

05 June 2023

5 June 2023

IG Design Group plc

('Design Group' or the 'Group')

New Debt Facilities

IG Design Group plc, one of the world's leading designers, innovators and manufacturers of Gift Packaging, Celebrations, Craft & Creative Play, Stationery, Gifting and related product categories, announces the successful refinancing of its lending facilities.

The Group has successfully negotiated a three-year refinancing with HSBC and NatWest banks for US$125m and is structured as an Asset Backed Lending ("ABL") arrangement secured with an all-assets lien in the USA and an all-assets security in the UK. The Group has also extended its overdraft facility provided by HSBC. This new facility replaces the previous revolving credit facilities originally agreed upon in 2019.

The new facility carries an initial bank margin of 1.75% to 2.25%, based on average excess availability (plus 0.1% spread adjustment) over the forward-looking term rate based on the US Secured Overnight Financing Rate ("SOFR"), which is lower than the margins on the 2019 facilities.

The Board believes that the new ABL facility, which flexes in line with the receivables in the USA, provides more than sufficient headroom to fund the Group's working capital needs over the period of the facility.

The Group intends to announce its full year results on 20 June 2023, including full details of the new financing arrangement.

Stewart Gilliland, Chair, commented:

"We are pleased to have completed this planned refinancing. The continued support of our key banking partners is greatly appreciated and shows their confidence in the Group's prospects."

For further information, please contact:

 
 IG Design Group Plc                Tel: +44 (0)1525 887310 
  Stewart Gilliland, Chair 
  Paul Bal, CEO & CFO 
 Canaccord Genuity Limited (Nomad   Tel: +44 (0)20 7523 
  and Broker)                        8000 
  Bobbie Hilliam 
 Alma PR                            Tel: +44 (0)20 3405 
  Sam Modlin                         0209 
  Josh Royston                       designgroup@almapr.co.uk 
  Pippa Crabtree

This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU) 596/2014 as amended by regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310.Upon the publication of this announcement, this inside information is now considered to be in the public domain.

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCUPUCGQUPWGWA

(END) Dow Jones Newswires

June 05, 2023 09:16 ET (13:16 GMT)

Ig Design (LSE:IGR)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024 Haga Click aquí para más Gráficas Ig Design.
Ig Design (LSE:IGR)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024 Haga Click aquí para más Gráficas Ig Design.