Saturday, November 26, 2022

Time Out Group agrees new mortgage with Crestline Direct; appoints new CFO

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(Alliance Information) – Time Out Group PLC on Thursday stated it has agreed a brand new mortgage be aware facility with Crestline Direct Finance LP for EUR35 million.

The worldwide media and hospitality enterprise stated the brand new facility, which could be prolonged later by mutual settlement to EUR47.5 million, will “efficiently refinance” the excellent steadiness of its present mortgage facility with Incus Capital Advisers SA.

Drawdown below the mortgage be aware facility is scheduled to happen on Wednesday, to coincide with the compensation of the prevailing debt facility.

“We’re delighted to be getting into this new facility and partnership with Crestline. It is going to present us with an improved steadiness sheet and the power to proceed delivering our bold plans and worthwhile development,” Chief Government Chris Ohlund stated.

In reference to the power, the corporate has additionally executed an fairness warrant instrument, agreeing to situation 11.4 million fairness warrants on or round November 30 and an extra 2.3 million at full drawdown of the power to Crestline subscribers. This represents round 3.6% of the corporate’s share capital.

According to the corporate’s succession plan, Patrick Foley has been appointed chief monetary officer of the corporate, changing Interim CFO Neil Wooden.

Ohlund stated: “We’re additionally happy that Patrick is becoming a member of Time Out Group as our new CFO. He brings over 20 years’ monetary and business expertise in addition to broad sector background, together with as CFO of Nasdaq-listed Boxlight Corp and Artwork Alliance Media Ltd, and as VP Finance for Common Photos Worldwide.”

Shares in Time Out closed 5.3% larger at 39.50 pence every in London on Thursday.

By Chris Dorrell;

Copyright 2022 Alliance Information Restricted. All Rights Reserved.

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