SSP Group, the London-listed food-and-beverage company famous for its Upper Crust bakery chain, announced on Tuesday that it has successfully refinanced its previous syndicated banking facilities. As part of the refinancing, SSP Group secured a new £300 million ($392.2 million) four-year term loan to support its international strategy.
The previous facilities included £338 million in term loans, which have now been fully paid off. Additionally, there was an undrawn revolving credit facility of £150 million that was due to mature in January 2025. However, with the completion of the refinancing, these facilities are no longer in place.
Despite the refinancing, SSP Group’s existing fixed coupon U.S. private placement notes worth £329 million will continue to be in effect. These notes have maturities ranging from 2025 to 2031.
SSP Group expressed satisfaction with the completion of the refinancing, highlighting how it strengthens their balance sheet, extends their maturity profile, and maintains a high level of liquidity. The company stated, “The refinancing will support the ongoing delivery of our strategic priorities, including rapid growth in North America and Asia Pacific.”
