GB Group refinances GBP175 million revolving credit facility

(Alliance News) - GB Group PLC on Friday said it refinanced its revolving credit facility, now maturing more than three years later than the one it replaced.

The new GBP175 million revolving credit facility is unsecured and will mature in September 2030, replacing the existing secured facility due to mature in July 2027.

The Chester, England-based identity verification and fraud prevention company also said the new credit facility contains two optional one-year maturity extension options.

The facility has been arranged with a syndicate made of existing and new lenders, including HSBC Innovation Bank Ltd, National Westminster Bank PLC, Barclays Bank PLC, and Fifth Third Bank National Association.

GB Group said their agreement to take part in the refinanced credit facility reflects their confidence in the company and its strategy.

Chief Financial Officer David Ward said: "We have successfully refinanced our RCF at similar commercial terms to our existing facility but for a longer tenor. This secures our capital structure for an extended period while providing enhanced flexibility to support the continued execution of our strategic objectives".

GB Group will release a trading update on April 22, ahead of the release its full-year results. It said in late November that it was experiencing continued momentum in the Americas as it tries to recover from a difficult few years.

It November, it reported fell 1.0% to GBP135.5 million for the half-year ending in September from GBP136.9 million 12 months prior. Pretax profit slumped 27% to GBP4.1 million from GBP5.6 million the year prior.

GB Group shares were up 0.7% to 194.40 pence each on Friday morning in London.

By Martin Miraglia, Alliance News reporter

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