Real Good Food PLC New Funding Arrangements (9932J)
23 Août 2019 - 8:00AM
UK Regulatory
TIDMRGD
RNS Number : 9932J
Real Good Food PLC
23 August 2019
23 August 2019
Real Good Food plc
("RGF" or "the Group")
GBP8.87m refinancing
Real Good Food plc is pleased to announce that it has secured a
total credit facility (the "Facilities") of GBP8.87 million from
Leumi ABL Limited ("Leumi"), enabling RGF to repay certain debt
facilities provided by the Company's three major shareholders, NB.
Ingredients Limited ("Napier Brown"), Omnicane International
Investors Limited ("Omnicane"), and certain funds managed by
Downing LLP ("Downing") (together the "Major Shareholders").
The Facilities
The GBP8.87 million provided by Leumi comprises:
-- a GBP5.45m receivables facility (the "Receivables Facility");
-- a GBP1.3m term loan facility (the "Term Facility"),
each with a 60 month term; and
-- a GBP2.12m plant and machinery facility (the "P&M Facility") with a 36 month term.
The Facilities carry early termination fees of 3 per cent. in
the first year, 2 per cent. in the second year and 1 per cent. in
the third and subsequent years and have standard financial and
performance covenants.
GBP4.5 million of shareholder debt is to be repaid from the
proceeds, GBP3.624m of principal, GBP0.604m of interest and
GBP0.272m in redemption premium; Napier Brown will receive
GBP1.627m, Omnicane GBP1.626m and Downing GBP1.247m. The new
arrangements will see a reduction in the annual interest charge of
some GBP0.25m. The balance of the funding will replace the existing
CID and asset-based facilities.
Hugh Cawley, CEO of the Company, commented:
"We are delighted with the support we have received from Leumi
in the form of the Facilities, as we seek to normalise our
facilities with a better balance of bank funding and shareholder
support. The bank's support underpins the work the Board has
undertaken in streamlining the business units of RGF in order to
drive the Group towards consolidated profitability.
"I would also like to thank our Major Shareholders for the
financing they have provided over the past few years to ensure the
financial survival of the Group as we have worked to turn RGF
around."
Enquiries:
Real Good Food plc Tel: 0151 541 3790
Hugh Cawley, Chief Executive
Maribeth Keeling, Chief Financial Officer
finnCap Limited (Nomad and Broker) Tel: 020 7220 0500
Matt Goode / Carl Holmes / James Thompson
(Corporate Finance)
MHP Communications (Financial PR) Tel: 020 3128 8100
Reg Hoare / Katie Hunt rgf@mhpc.com
About Real Good Food
Real Good Food plc is a diversified food business serving a number
of market sectors including retail, manufacturing, wholesale and
export. The Company focuses on two main markets: Cake Decoration
(Renshaw and Rainbow Dust Colours) and Food Ingredients (Brighter
Foods).
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
This information is provided by RNS, the news service of the
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contact rns@lseg.com or visit www.rns.com.
END
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