THG extends revolving £150m credit facility
THG has extended its Revolving Credit Facility by 17 months to May 2026.
The £170 million facility remains undrawn since the Manchester headquartered ecommerce floated on the London Stock Market in 2020.
In a statement to the market this morning the company said there will be no changes to the financial covenants or interest margin beyond the existing maturity date. From December 2024, the facility will be £150 million.
The statement also said: “Following the Group’s strong profit and cash performance, closing net leverage for FY 2023 was c.1.8x, compared to 2.8x for FY 2022. Continued positive momentum into FY 2024 provides confidence of further degearing.
“The extension affords the Group continued significant financial flexibility during uncertain geo-political times. As at December 2023 the Group had c.£600 million of cash and undrawn facilities providing substantial liquidity and flexibility, to capitalise on growth opportunities.”
