Thg Regulatory News (THG)

04 April 2025

THG PLC

Successful completion of debt refinancing to December 2029

THG PLC ("THG" or the "Company") today announces the successful completion of its debt refinancing to 2029.

· a partial Amend & Extend of the Term Loan B to extend the maturity of €445m to December 2029;

· a partial repayment of £74m of the Term Loan A and the remaining €155m of the TLB through a combination of cash on balance sheet and the Equity Contribution; and

· extending the maturity of the existing £150m RCF from May 2026 to May 2029.

As a result of the proposed refinancing, net total leverage (excl. leases) decreases from 3.2x to 2.2x pre deal fees based on FY 2024 continuing Adjusted EBITDA (excluding Ingenuity) of £92m. THG is a fundamentally cash generative business and the refinancing underlines the Company's target to progress towards a neutral net cash / net debt position.

J.P. Morgan and Barclays acted as Mandated Lead Arrangers and Physical Bookrunners on the debt refinancing, with HSBC Bank plc, NatWest Markets PLC and BNP Paribas S.A. as Joint Bookrunners. Clifford Chance LLP acted on behalf of the Company, with Latham & Watkins (London) LLP acting for the lenders.

More details of FY 2024 performance will be provided as part of the Group's preliminary results and Q1 trading update expected to be announced on or around 30 April.

For further information, please contact:

Notes to editors

THG PLC is a global e-commerce group headquartered in Manchester, UK, operating through two leading consumer businesses: THG Beauty and THG Nutrition.

THG Beauty operates prominent online platforms including Lookfantastic, Dermstore and Cult Beauty, offering a valued route to market for over 1,300 third-party brands, alongside a specialist portfolio of owned brands.

THG Nutrition, led by Myprotein, the world's largest online sports nutrition brand, spans multiple health and wellness categories, delivering its products both directly to consumers and through strategic offline partnerships worldwide. 

Cautionary Statement

Certain statements included within this announcement may constitute "forward-looking statements" in respect of the group's operations, performance, prospects and/or financial condition. Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words and words of similar meaning as "anticipates", "aims", "due", "could", "may", "will", "should", "expects", "believes", "intends", "plans", "potential", "targets", "goal" or "estimates". By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions and actual results or events may differ materially from those expressed or implied by those statements. Accordingly, no assurance can be given that any particular expectation will be met and reliance should not be placed on any forward-looking statement. Additionally, forward-looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. No responsibility or obligation is accepted to update or revise any forward-looking statement resulting from new information, future events or otherwise. Nothing in this announcement should be construed as a profit forecast. This announcement does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase any shares or other securities in the Company, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment or investment decisions relating thereto, nor does it constitute a recommendation regarding the shares or other securities of the Company. Past performance cannot be relied upon as a guide to future performance and persons needing advice should consult an independent financial adviser. Statements in this announcement reflect the knowledge and information available at the time of its preparation.