Time Out gets €35 million secured loan note facility via Crestline

By Marisa Wong

Los Angeles, Nov. 28 – Time Out Group plc has agreed to a new secured loan note facility for €35 million with Crestline Direct Finance LP, according to a press release.

The facility can be extended later by mutual agreement to €47.5 million.

The company said this facility successfully refinances the €25,384,397 outstanding balance of its existing loan facility between Time Out Market Ltd. and Incus Capital Advisers SA, which is due for repayment on Nov. 30, and provides additional working capital to support its further growth.

Drawdown under the loan note is scheduled to take place on Nov. 30 to coincide with the repayment of the existing debt facility.

The new facility has a term of four years, with the right to redeem the loan notes after two years.

Interest may be capitalized or paid in cash during the first year at a rate of 950 basis points over Euribor, and from the second year onwards interest will be paid in cash at a rate of 850 bps over Euribor.

There will separately be an exit premium payable upon full repayment of the facility, calculated by reference to the principal amount drawn.

In connection with the loan note, the company has agreed to issue 11,400,423 equity warrants on or around Nov. 30 and a further 2,264,468 at full drawdown of the facility, in total representing about 3.6% of its fully diluted share capital, to the Crestline subscribers. The five-year warrants have an exercise price of 39p per ordinary share.

Time Out is a global media and hospitality business based in London.

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