Wagamama owner The Restaurant Group has amended and extended its loan facility to allow for an additional two years of debt facilities for the company.
The revised £340 million package comprises a £220 million term loan facility and a £120 million revolving credit facility with its existing lenders.
This represents a £21m early repayment of its previous facilities, with the company continuing to hold a strong liquidity position with over £140m of cash headroom.
An additional two years of debt facilities will be available to the group, with the maturities of the term loan and the revolving credit facility extended to April 2028 and March 2027, respectively.
The covenant package provides additional covenant headroom for the group until March 2025.
As previously reported, the group has already purchased interest rate caps on £125m of debt, limiting the SONIA base rate to 0.75% effective from November 2022 to November 2025, as well as on £100m of debt, limiting the SONIA base rate to 0.75% effective from November 2025 to November 2026.
The caps will reduce the risk of interest rate changes on the company’s debt over the next four years.
The Restaurant Group operates 420 restaurants and pub restaurants throughout the UK, with its other brands including Frankie & Benny’s and Brunning & Price.
It also operates a multi-brand Concessions business which trades principally in UK airports.
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