Bank Facility Extension

RNS Number : 1838V

B&M European Value Retail S.A.

03 April 2023

 

 

3 April 2023

B&M European Value Retail S.A.

Bank Facilities Extension

B&M European Value Retail S.A. ("the Group"), the UK's leading variety goods value retailer, announces that it has completed a refinancing of its bank facilities ("Group Facilities").

The extended Group Facilities, provided by a syndicate of seven banks, total £450m of commitments and comprise a £225m term loan and a £225m revolving credit facility ("RCF") with a five-year maturity, plus two additional one-year extension options subject to mutual consent with the bank syndicate.  Together these will fully cover our anticipated bank borrowing requirements and they replace the existing £300m term loan and £155m RCF that were expected to mature in April 2025.  The thresholds on the financial covenant ratio and applicable interest margins are equivalent to existing levels but will now reflect and be calculated under IFRS16 accounting conventions.

Due to the applicable terms of the security structure of the Group's borrowings, Heron Foods Limited and Heron Food Group Limited will now also act as guarantors of the Group Facilities and also the Group's outstanding £400m 2025 senior secured notes, and its £250m 2028 senior secured notes.  The notification of the change to the security structure, that is contemporaneously being made to notes holders, is reproduced below for information.

Enquiries

B&M European Value Retail S.A.

For further information please contact [phone]

Mike Schmidt, Chief Financial Officer

Dave McCarthy, Head of Investor Relations

[e-mail]

Media

For media please contact [phone]

Maitland 

Sam Cartwright

[e-mail]

NOTICE TO HOLDERS OF NOTES ISSUED BY B&M European Value Retail S.A.

£400,000,000 3.625% senior secured notes due 2025 (ISIN: XS2199627030)

(the "2025 Notes")

£250,000,000 4.000% senior secured notes due 2028 (ISIN: XS2411541738)

(the "2028 Notes")

B&M European Value Retail S.A. (the "Issuer") (BME:LN) announces that, (i) in accordance with section 4.15 of the indenture, dated 13 July 2020 (the "2025 NotesIndenture"), between, inter alia, the Issuer, Deutsche Trustee Company Limited (the "Trustee"), as trustee, and B&M European Value Retail 1 S.à r.l., B&M European Value Retail 2 S.à r.l., B&M European Value Retail Holdco 1 Ltd, B&M European Value Retail Holdco 2 Ltd, B&M European Value Retail Holdco 3 Ltd, B&M European Value Retail Holdco 4 Ltd, EV Retail Limited and B & M Retail Limited (collectively, the "Guarantors"), as initial guarantors, as may be amended, restated and supplemented from time to time and, most recently, by way of a supplemental indenture between the Issuer, the Trustee and the New Guarantors (as defined below), dated 31 March 2023, and (ii) in accordance with section 4.15 of the indenture, dated 24 November 2021 (the "2028 NotesIndenture" and, together with the 2025 Notes Indenture, the "Notes Indentures")), between, inter alia, the Issuer, the Trustee, as trustee, and the Guarantors, as initial guarantors, as may be amended, restated and supplemented from time to time and, most recently, by way of a supplemental indenture between the Issuer, the Trustee and the New Guarantors (as defined below), dated 31 March 2023, the following entities:

1.  Heron Foods Limited (LEI: 213800T3K97CVGZWG738); and

2.  Heron Food Group Limited (LEI: 213800EQECDF59OTXP44),

(together, the "New Guarantors") have guaranteed the obligations under the Indentures and become Guarantors under (i) the 2025 Notes issued under the 2025 Notes Indenture and (ii) the 2028 Notes issued under the 2028 Notes Indenture.

Information on the New Guarantors

Name of New Guarantor	Jurisdiction of Incorporation	Date of Incorporation	Registered Number	Registered Address	Business Activity
Heron Foods Limited	England and Wales	3 October 1978	01392197	The Vault Dakota Drive, Estuary Commerce Park, Speke, Liverpool, L24 8RJ	Retail sale in non-specialised stores with food, beverages or tobacco predominating
Heron Food Group Limited	England and Wales	19 August 2002	04514523	The Vault Dakota Drive, Estuary Commerce Park, Speke, Liverpool, England, L24 8RJ	Activities of head offices

The New Guarantors are indirect subsidiaries of the Issuer .  

 

END

 

 

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