SIG unveils refinancing plans

SIG unveiled plans to refinance its existing debt on Monday, with a proposed offering of €300m senior secured notes due in 2029.

The London-listed company also launched a tender offer for its outstanding €300m 5.25% senior secured notes due 2026, inviting eligible holders to tender their notes at par.

It said the refinancing was part of its broader strategy to manage its debt ahead of maturity and strengthen its liquidity position.

The tender offer was contingent on the successful issue of the new notes, with proceeds from the bond offering earmarked to fund the buyback of the existing notes, boost liquidity for general corporate purposes, and cover associated fees and expenses.

SIG said it had mandated bookrunners to conduct roadshows for the bond offering, with the final pricing of the new notes depending on market conditions.

Additionally, SIG said it had extended its existing £90m revolving credit facility, which would now mature in 2029, aligning with the new bond offering.

The company said it remained committed to maintaining solid liquidity as it continued to advance its strategic initiatives.

Further updates on the refinancing would be provided once the bond pricing was finalised.

At 0847 BST, shares in SIG were up 0.55% at 20.05p.

Reporting by Josh White for Sharecast.com.