LONDON (Alliance News) - Dim t and Wildwood restaurant owner Tasty PLC said Thursday it has revised its GBP7.0 million loan facility with existing lender Barclays PLC.
Shares in Tasty closed down 27% at 11.07 pence each.
The main adjustments of the revised loan facility is to extend the final repayment date to March 2022 from July 2021 and to "significantly" reduce the quarterly repayments, starting from July 2019.
Tasty will pay interest on the amount drawn, currently about GBP6.4 million, of between 2.5% and 4% over Libor, with the interest rate payable dependent on the ration of the amount drawn to adjusted earnings before interest, tax, depreciation and amortisation.
Tasty will also reduce the amount drawn by an aggregate of GBP1.1 million under the revised loan facility. Of the GBP1.1 million, the company's directors will provide GBP500,000 of new capital for the business, either in the form of new subordinated loan or equity capital.
As at October 31, Tasty had cash balance of about GBP2.1 million.
Barclays (BARC)
Tasty (TAST)