Announcing new bank facility

RNS Number : 3938P

Quarto Group Inc

17 February 2021

 

The Quarto Group, Inc.

(the "Group", "Quarto")

Announcing new bank facility

Quarto, the world's leading global illustrated book publisher and distribution group, announces that it has entered into a new three-year five-month bank facility.  The Group has signed a US$20m multicurrency revolving credit and term loan facility (the "New Facility") with National Westminster Bank PLC and Santander UK PLC.  The New Facility matures on 16^th July 2024 and replaces the existing syndicated bank facility which was due to expire on 31^st July 2021.

In addition to the agreement to the New Facility, 1010 Printing Limited (a subsidiary of the Lion Rock Group Limited) and C.K. Lau have agreed to extend the current $13m unsecured and subordinated loans to the Group, which were entered into on 31 October 2018, on identical terms to those originally entered into and on normal commercial terms.  Furthermore, 1010 Printing Limited has agreed to provide a further $10m unsecured and subordinated loan to the Company on normal commercial terms.  These unsecured and subordinated loans are repayable by 31^st August 2024.

Andy Cumming, Chairman, said "We are delighted to have concluded our refinancing with National Westminster Bank PLC and Santander UK PLC.  They have been very supportive of our strategy and continue to recognise the ongoing strength of the business.

In 2018 the Board initiated a strategy to reduce the level of bank facilities, which totalled $80m at the time, and the New Facility represents the successful execution of this strategy - a significant achievement for the Group.  This solid platform will allow the business to move forward and focus on growth."

The Legal Identified of Quarto is 549300BJ2WPX3QUATW58.

For further information, please contact:

The Quarto Group, Inc.
Michael Clarke, Company Secretary	[phone]

About The Quarto Group

The Quarto Group (LSE: QRT) creates a wide variety of books and intellectual property products, with a mission to inspire life's experiences. Produced in many formats for adults, children and the whole family, our products are visually appealing, information rich and stimulating.

The Group encompasses a diverse portfolio of imprints and businesses that are creatively independent and expert in developing long-lasting content across specific niches of interest.

Quarto sells and distributes its products globally in over 50 countries and 40 languages, through a variety of sales channels, partnerships and routes to market.

Quarto employs c.300 talented people in the US and the UK. The group was founded in London in 1976. It is domiciled in the US and listed on the London Stock Exchange. 

For more information, visit quarto.com or follow us on Twitter at @TheQuartoGroup.

 

END

 

 

AGRFIFEEFDIDLIL