Time Out Group PLC on Thursday said it has agreed a new loan note facility with Crestline Direct Finance LP for €35 million.
The global media and hospitality business said the new facility, which can be extended later by mutual agreement to €47.5 million, will ‘successfully refinance’ the outstanding balance of its existing loan facility with Incus Capital Advisers SA.
Drawdown under the loan note facility is scheduled to take place on Wednesday, to coincide with the repayment of the existing debt facility.
‘We are delighted to be entering this new facility and partnership with Crestline. It will provide us with an improved balance sheet and the ability to continue delivering our ambitious plans and profitable growth,’ Chief Executive Chris Ohlund said.
In connection with the facility, the company has also executed an equity warrant instrument, agreeing to issue 11.4 million equity warrants on or around November 30 and a further 2.3 million at full drawdown of the facility to Crestline subscribers. This represents around 3.6% of the company’s share capital.
In line with the company’s succession plan, Patrick Foley has been appointed chief financial officer of the company, replacing Interim CFO Neil Wood.
Ohlund said: ‘We are also pleased that Patrick is joining Time Out Group as our new CFO. He brings over 20 years’ financial and commercial experience as well as broad sector background, including as CFO of Nasdaq-listed Boxlight Corp and Art Alliance Media Ltd, and as VP Finance for Universal Pictures International.’
Shares in Time Out closed 5.3% higher at 39.50 pence each in London on Thursday.
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