Funding Update and Notice of Results

RNS Number : 2333W

Amigo Holdings PLC

17 August 2020

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

FOR IMMEDIATE RELEASE

17 August 2020

Amigo Holdings PLC

("Amigo" or the "Company")

Funding update and Notice of Results

Amigo, the leading provider of guarantor loans in the UK, is today announcing a further extension of the securitisation facility performance trigger waiver period to 18 December 2020. This follows the announcement on 27 July 2020 extending the waiver period to 14 August 2020 and allows both Amigo and its lenders the opportunity to fully understand the impact of Covid-19 on the business, whilst maintaining the existing facility. In addition, the size of the facility has been reduced from £300m to £250m, reflecting Amigo's current lower funding requirements while lending is paused.  All cash generation arising from customer loans held within the facility will continue to be used during the waiver period extension to further reduce the outstanding balance.  As of the date of renewal, the facility was drawn at £199m.

Amigo has adequate liquidity to continue to fund operations and support its customers, with close to £145m unrestricted cash held as at 31 July 2020.

Notice of Results

Amigo will provide an update on trading with its first quarter results on 28 August 2020. The results will be published at 07:00 (BST) through the regulatory news service (RNS) and on the company's website ( https://www.amigoplc.com/ ) . Amigo will be hosting a presentation for investors and bondholders at 09:30 (BST), details for which will be included in the Q1 results announcement.

Contacts:

Company

Amigo Holdings PLC          [e-mail]  

Kate Patrick   Head of Investor Relations 

Roger Bennett                   Company Secretary

Investor Relations

Hawthorn Advisors          [e-mail]

Lorna Cobbett  Tel: [phone]

Additional Information

Senior Secured Notes

This announcement constitutes notice by Amigo Luxembourg S.A. (the "Issuer") to the holders of the Issuer's 7.625% Senior Secured Notes due 2024 (for the notes issued pursuant to Rule 144A of the United States Securities Act of 1933, ISIN: XS1533928468 and Common Code: 153392846; for the notes issued pursuant to Regulation S of the United States Securities Act of 1933, ISIN: XS1533928625 and Common Code: 153392862) (the "Notes") issued pursuant to pursuant to Section 4.03(a)(3) of an indenture dated January 20, 2017 among, inter alia, the Issuer, the guarantors named therein and U.S. Bank Trustees Limited, as trustee and security agent.  Amigo Holdings PLC is the indirect parent company of the Issuer. This announcement shall constitute a "Report" to holders of the Notes.

ENDS

 

END

 

 

NORFLFVSTFISLII