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June 20, 2018

HSS secures refinancing

Filed under: Latest News — EHN Team @ 9:07 am

HSS Hire Group has entered into a new term loan facility of £220m and a revolving credit facility of £25m in order to refinance its existing corporate debt.

The new term loan facility of £220m will be provided by HPS Investment Partners with £200m maturing in June 2023, and £20m, with flexibility to be settled before maturity, in December 2020. This facility is at interest rates of between 700 and 800 base points over Libor (London Inter-bank Offered Rate) dependent upon the net debt leverage ratio of the Group.

In connection with this facility, HSS has granted HPS Investment Partners 8,510,300 Warrants to subscribe for new ordinary shares in the company. The warrants are exercisable at a price of £0.01per share and can be exercised for five years subject to certain specific conditions, including the full repayment of the term loan facility.

A new revolving credit facility has also been agreed with HSBC Bank and National Westminster Bank, maturing in December 2022, at rates of between 250 and 300 base points over Libor, dependent upon the net leverage of the Group.

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