Last checked at 13 Mar 2023 07:01
13 March 2023
Learning Technologies Group plc
("LTG", the "Group" or the "Company")
(AIM: LTG)
Silicon Valley Bank
Learning Technologies Group plc, a global market leader in digital learning and talent management, notes the developments regarding Silicon Valley Bank ("SVB", the US entity) and Silicon Valley Bank UK Limited ("SVB UK").
The Company's exposure to SVB and SVB UK does not have a material effect on its financial position and the Company reaffirms that it has a robust balance sheet and strong liquidity.
As at 10 March 2023, the Company had total cash and cash equivalents of £110.7m, of which approximately £11.7m was on deposit with SVB and SVB UK. Of the c.£11.7m on deposit, c.£9.4m was with SVB and c.£2.3m with SVB UK. LTG requested withdrawal of its deposits on Friday and has received £0.3m to date. The Board notes the statement dated 12 March from the United States Department of the Treasury, Federal Reserve, and FDIC, and the Company will continue to pursue any unreturned deposits, including if necessary through the relevant receivership process.
The Company has a strong and diversified banking syndicate made up of Barclays, HSBC, Bank of Ireland, Fifth Third Bank and SVB (which also acted as Facility Agent for the lenders). The facilities comprise a drawn amortising term loan of $255.4m (of which SVB provided $53.7m) and an undrawn Revolving Credit Facility ("RCF") of $50m (of which SVB provided $10.5m). SVB's portion of the term loan will continue to be outstanding until it is due to be repaid or SVB is replaced. LTG believes it is unlikely that SVB will fund its share of any future drawings on the RCF, although the remaining $39.5m will continue to be available as normal.
The Company will look to replace SVB as Facility Agent and Lender in due course.
Enquiries:
Learning Technologies Group plc Jonathan Satchell, Chief Executive Kath Kearney-Croft, Chief Financial Officer
| +44 (0)20 7832 3440 |
Numis Securities Limited (NOMAD and Corporate Broker) Nick Westlake, Ben Stoop, Tejas Padalkar
| +44 (0)20 7260 1000 |
Goldman Sachs International (Joint Corporate Broker) Bertie Whitehead, Adam Laikin
| +44 (0)20 7774 1000 |
FTI Consulting (Public Relations Adviser) Rob Mindell, Jamie Ricketts, Emma Hall, Lucy Highland | +44 (0)20 3727 1000 |
About LTG
Learning Technologies Group plc (LTG) is a leader in the growing workplace digital learning and talent management market. The Group offers end-to-end learning and talent solutions ranging from strategic consultancy, through a range of content and platform solutions to analytical insights that enable corporate and government clients to close the gap between current and future workforce capability.
LTG is listed on the London Stock Exchange's Alternative Investment Market (LTG.L) and headquartered in London. The Group has offices in Europe, North America, South America and Asia-Pacific.