IG Design Group PLC Bank Amendment & Extension (7807N)
06 Giugno 2022 - 8:02AM
UK Regulatory
TIDMIGR
RNS Number : 7807N
IG Design Group PLC
06 June 2022
6 June 2022
IG Design Group plc
('Design Group' or the 'Company')
Bank Amendment & Extension
IG Design Group plc is pleased to announce that the Company has
extended the term of its existing banking agreement to 31 March
2024. The agreement was signed after market close on 1 June
2022.
As part of this extension, covenants have been revised for the
period to 31 March 2023 and the facility size has been amended as
follows:
- RCF A has reduced from $95 million to $90 million
- RCF B has reduced from a maximum level of GBP130 million to a maximum of GBP92 million
The Directors believe these amendments continue to give the
Group more than sufficient headroom to fund its seasonal working
capital requirements over the remaining term of the banking
agreement. There are no other changes to the banking facility
limits.
The revised covenants, which operate for a maximum period to 31
March 2023 are as follows:
- Minimum EBITDA performance, measured quarterly at the end of
June, September, December and March, which requires the Group to be
within $10 million of its EBITDA budget at each quarter end, based
on the last twelve-month EBITDA performance at each measurement
point
- Minimum liquidity level, which requires the Group to maintain
a minimum of $35 million of headroom to the maximum available
facility on a monthly basis
From April 2023 the Group will revert to the previous covenants,
as detailed in the Group's 2021 Annual Accounts, being EBITDA
leverage and interest cover.
The amendment also stipulates that any dividends to be paid by
the Group during the remaining term of the agreement will require
majority lender approval. Furthermore, the bank lending margin has
increased to 250 bps, rising to 300 bps from 1 June 2023. Banking
and legal fees associated with the amendment and extension of the
facility totalled c.$1 million.
Stewart Gilliland, Chair, commented:
"We are very pleased to have agreed this extension to our
facilities and to have the ongoing support of our banking partners.
Our seasonal orderbook remains strong and this revised facility
provides us with sufficient funding for our working capital
requirements."
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU No. 596/2014) which is part of UK law by virtue of
the European Union (withdrawal) Act 2018. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
IG Design Group plc Tel: +44 (0)1525 887310
Giles Willits, Director
Canaccord Genuity Limited (NOMAD and Tel: +44 (0)20 7523 8000
Broker)
Bobbie Hilliam - NOMAD
Alex Aylen - Sales
Alma PR Tel: +44 (0)20 3405 0205
Rebecca Sanders-Hewett
Susie Hudson
Sam Modlin
About IG Design Group plc
IG Design Group plc, the largest consumer gift packaging
business in the world, is a designer, innovator and manufacturer of
products that help people celebrate life's special occasions.
Design Group works with more than 11,000 customers in over 80
countries throughout the UK, Europe, Australia and the USA.
Its products are found in over 210,000 retail outlets, including
several of the world's biggest retailers, for example Walmart,
Target, Amazon, Costco, Lidl and Aldi. Its brand, Tom Smith, also
holds the Royal Warrant for the supply of Christmas crackers and
Christmas wrapping paper to the Royal family. Design Group is a
diverse business operating across multiple regions, categories,
seasons and brands.
Its five major product categories are: Celebrations, Gifting,
Craft & creative play, Stationery and 'Not-for-resale'
consumables. It offers customers a full end-to-end service from
design through to distribution, offering both branded and bespoke
products from the value-focused through to the higher-margin ends
of the market.
The Company was admitted to the Alternative Investment Market of
the London Stock Exchange in 1995 under the name 'International
Greetings plc' and rebranded to IG Design Group plc in 2016. For
further information please visit www.thedesigngroup.com.
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END
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