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Reading: Saga units sail with £450m HPS refinancing increase
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Michigan Post > Blog > Business > Saga units sail with £450m HPS refinancing increase
Business

Saga units sail with £450m HPS refinancing increase

By Editorial Board Published January 29, 2025 2 Min Read
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Saga units sail with £450m HPS refinancing increase

Saga, the monetary companies and journey supplier to the over-50s, is tapping one of many world’s greatest funding corporations as a part of a refinancing aimed toward relieving strain on its steadiness sheet.

Financiers mentioned an settlement was prone to be introduced alongside a scheduled buying and selling replace from the corporate on Thursday morning.

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The debt concerned within the deal contains a bond, a mortgage from chairman Sir Roger De Haan and Saga’s revolving credit score facility.

A refinancing shall be a lift to Saga, which has been weighed down by a debt pile which is large relative to the worth of its fairness.

It should come months after the corporate struck a partnership cope with the Belgian insurer Ageas, which entails a collection of money funds to the British enterprise.

In February final yr, it additionally held talks with Open, an Australian firm, a few sale of the division however the discussions fell aside.

Saga has beforehand signalled that it could discover an analogous partnership mannequin for its cruises division, though a transaction just isn’t regarded as imminent.

Shares in Saga have fallen by simply over 20% over the past 12 months, leaving it with a market capitalisation of about £165m.

Mr de Haan, the corporate’s former chief government, was parachuted again in to steer a turnaround in the summertime of 2020, investing £100m as a part of a broader capital-raising.

That got here after it spurned a takeover bid for the entire firm from personal fairness buyers.

A Saga spokesperson declined to touch upon Wednesday night.

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