Squire Patton Boggs has advised On The Beach Group plc, one of the UK's leading online retailers of beach holidays, on:
(a) an incremental £25 million revolving credit facility structured under the Coronavirus Large Business Interruption Loan Scheme with Lloyds Bank plc ("Lloyds"), expiring in May 2022; and
(b) amendments to its existing £50 million revolving credit facility with Lloyds, which expires in December 2023, giving the Group greater operating flexibility to support incremental investment.
As a result, the Group now has available to it working capital facilities of up to £75 million.
A Financial Services team led by partner Matthew Ingram, acted for On The Beach Group plc in connection with its new and amended revolving credit facilities.
Following the successful completion of the new and amended revolving credit facilities, On The Beach Group plc announced a non-pre-emptive placing of new ordinary shares of 1 penny each, representing up to approximately 19.9% of its existing issued share capital, and raised gross proceeds of approximately £67.3 million.
Matthew Ingram, Financial Services partner at Squire Patton Boggs, commented: "We have advised On The Beach Group plc on its finance arrangements for several years, and are delighted to have been able to assist them again in securing this significant additional funding. The revolving credit facilities and placing were inter-conditional, and we worked closely with On The Beach Group plc’s senior management team and other advisors to deliver a holistic debt and equity package that should help the Group navigate the COVID-19 Pandemic, and allow it to capitalise on commercial opportunities that may present themselves."
Kirsteen Vickerstaff, General Counsel and Company Secretary of On The Beach Group plc, commented: "It was a pleasure to work with Matt and Bryony again. I’d like to thank them for their incredibly hard work on this transaction. Their in-depth knowledge of our business and our financing arrangements, as well as their recent experience advising on another CLBILS facility was particularly valuable. We appreciate how they worked so efficiently and co-operatively with other advisers and other workstreams to complete in line with a challenging timetable".