ZIGUP Plc (LON:ZIG) has announced the successful completion of the final phase of its debt refinancing programme, which in three transactions over the past six months has extended the Group’s debt maturity out to beyond 2030 and increased liquidity by £285m providing further flexibility, with total available debt facilities now at £1.1bn.
The programme has seen strong demand from a broad range of lenders attracted to the Group’s business model, strong cash generation and financial profile. This has allowed for refinancing on an investment grade basis with improved commercial terms.
The programme comprised:
· £500m – Revolving Credit Facility (RCF), April 2025: This facility replaces the existing £475m RCF and was raised with existing and new lenders on investment grade terms, further diversifying the lending group. Pricing terms were improved from the current facility which was due to mature in November 2026, together with extending the tenor out 5 years to April 2030 and options to extend for a further two years (subject to approvals).
· €190m – US Private Placement (USPP), October 2024: Raising of notes provided by existing USPP investors on investment grade terms at an average fixed rate of 4.4%. The new notes have tenors of 7 and 10 years, extending our maturity profile out to 2034 and now with an average funding cost of 2.4% on a total of €565m notes.
· £100m – Vehicle Funding Facility (VFF), December 2024: Arrangement of VFF provided on a 1-year rolling commitment, further diversifying the funding base of the Group. Drawn balances will amortise over a 40-month period, at favourable pricing and secured on the vehicles funded.
Martin Ward, ZIGUP’s CEO commented:
‘The success of this refinancing demonstrates the strong support from our lenders for our business model and our robust balance sheet. With average debt maturity extended out beyond 2030 and a current drawn debt funding cost of 3.3%, this places ZIGUP in a strong position for sustainable growth.’
