(Alliance News) - Saga PLC is in discussion with potential providers about a GBP170 million debt package, Sky News reported on Sunday, as travel and insurance group seeks to chart a course through the remainder of the coronavirus pandemic.
The Kent-based company, focused on serving the needs of those aged 50 and over, has approached a group of debt funds about refinancing part of its existing borrowings. The move came after the talks with existing lenders were some way from being concluded, according to insiders cited by Sky News, and may not result in a deal.
The news agency said Saga was considering trying to secure the new debt against its insurance arm - the stronger of its two businesses after a year in which its cruise operations have been largely dormant.
https://news.sky.com/story/saga-targets-170m-to-steer-course-through-pandemic-12224899
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Saga (SAGA)