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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
International Workplace Group Plc | LSE:IWG | London | Ordinary Share | JE00BYVQYS01 | ORD USD0.0124 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-4.30 | -2.42% | 173.70 | 173.90 | 174.30 | 178.60 | 173.90 | 177.70 | 612,377 | 16:35:08 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Business Services, Nec | 2.96B | -215M | -0.2136 | -8.16 | 1.75B |
TIDMIWG TIDMTTM
RNS Number : 2963E
IWG PLC
29 June 2023
29 June 2023
IWG REFINANCES AND EXTENDS DEBT MATURITY, UPDATES ON OUTLOOK
IWG Plc (the "Company") is pleased to announce an update to its financing and capital structure prior to H1 2023 results, due to be released on 8 August 2023. This includes having:
-- Extended maturity of its Revolving Credit Facility ("RCF"), resulting in no Group debt maturing before November 2025;
-- Confirmed of strategy to build Worka and seek to crystalise value through reducing its ownership stake in the medium term; and
-- Continued to reduce net debt through cash flow generation.
Debt maturity
Summary of IWG debt facilities
Post update Pre update --------------------------------------- --------------------------------------- Description Maturity Description Maturity -------------------- ----------------- -------------------- ----------------- GBP875m RCF facility November 2025 GBP750m RCF facility March 2025 GBP350m (face value) December 2025 put GBP350m (face value) December 2025 put convertible bond option, maturity convertible bond option, maturity 0.5% coupon December 2027 0.5% coupon December 2027 GBP330m acquisition Extinguished GBP330m acquisition September 2023 bridge bridge, GBP125m outstanding
As a result, IWG has no financial debt which matures before November 2025. As previously announced, pro-forma net financial debt at 31 March 2023 was GBP683m.
The initial acquisition bridge of GBP330m in March 2023 has been reduced by GBP205m to GBP125m through cashflow generation and is now extinguished entirely.
Apart from the sizing and tenor described above, no material terms, such as pricing, of the RCF have changed.
Outlook
The Company remains cautiously optimistic for the remainder of 2023, and despite the strengthening of Sterling, management has not changed its financial expectations for FY 2023.
IWG and Worka continue to trade well. IWG remains committed to reducing its ownership stake in Worka in the medium term.
The Company is well-positioned to continue to take advantage of future growth, its capital-light strategy and year to date has made improvements on all core KPIs since December 2022.
IWG is looking forward to making its H1 2023 results announcement on 8 August 2023.
Further information --------------------------------------- ------------------------------------ IWG plc Brunswick Tel: + 44 (0) 20 7404 5959 Mark Dixon, Chief Executive Officer Nick Cosgrove Charlie Steel, Chief Financial Officer Peter Hesse Richard Manning, Head of Investor Relations Tel: +44 (0) 7901 763 935
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END
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(END) Dow Jones Newswires
June 29, 2023 02:00 ET (06:00 GMT)
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