Funding Update

RNS Number : 0803D

Amigo Holdings PLC

25 June 2021

 

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

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE                 25 June 2021

Amigo Holdings PLC

("Amigo" or the "Company")

Funding Update

Further to the notification made on 27 November 2020, Amigo confirms it has reached agreement for a further extension of the securitisation facility performance trigger waiver period from 25 June 2021 to 24 September 2021.

Given the current suspension of all new lending activity at Amigo, the size of the securitisation facility has been reduced from £250 million to £100 million, effective 25 June 2021. All cash generation arising from customer loans held within the facility is restricted and will continue to be used during the extended waiver period extension to further reduce the outstanding balance of the facility. As of the date of this extension, the facility was drawn at £27 million.

Following the recent High Court judgment relating to Amigo's proposed Scheme of Arrangement, the Board of Amigo has reviewed options with the Financial Conduct Authority and discussions are ongoing. This could result in a revised scheme of arrangement or insolvency.  

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014.  The person responsible for this announcement is Roger Bennett, Company Secretary.

Company

Amigo Holdings PLC  [e-mail]    

Kate Patrick                       Head of Investor Relations 

Roger Bennett   Company Secretary 

Media

Hawthorn Advisors  [e-mail]  

Lorna Cobbett  Tel: [phone]

Additional information

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to this announcement or otherwise.

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-

 

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