NoHo Partners Plc provides further information about the progress of financing negotiations
NoHo Partners Plc
STOCK EXCHANGE RELEASE 26 May 2020 at 9:16
NoHo Partners Plc provides further information about the progress of financing negotiations
NoHo Partners announced on 3 April 2020 that it had concluded negotiations on bridge financing for the duration of the business disruption caused by the coronavirus crisis in all of its market areas in Finland, Denmark and Norway as well as agreed on a financing package of EUR 34 million. At the same time, the company announced that it was assessing several sources of funding to ensure the refinancing of the EUR 22 million of debt associated with the commercial paper programme maturing in May.
As stated in the financial statements and annual report for 2019 published today, 26 May 2020, the commercial paper programme has been extended with regard to EUR 12.5 million until autumn 2020, EUR 2.5 million has been repaid and EUR 7 million will be repaid as part of the already concluded and ongoing financing negotiations by the end of May 2020.
The negotiations on financing are progressing on schedule, and the company will provide more detailed information about them when the negotiations are concluded.
In May 2018, the company announced that it had established a EUR 50 million domestic commercial paper programme within which the company can issue commercial papers with a maturity of under one year. The company will actively assess the functioning of the commercial paper market during the current financial year.
More information is available from:
Aku Vikström, CEO, NoHo Partners Plc, tel. 9
Jarno Suominen, Deputy CEO, NoHo Partners Plc, tel. 5
Distribution:
Nasdaq Helsinki
Major media
NoHo Partners Plc is a Finnish group established in 1996, specialising in restaurant services. The company, which was listed on NASDAQ Helsinki in 2013 and became the first Finnish listed restaurant company, has continued to grow strongly throughout its history. The Group companies include some 250 restaurants in Finland, Denmark and Norway. Well-known restaurant concepts of the company include Elite, Savoy, Teatteri, Yes Yes Yes, Stefan’s Steakhouse, Palace, Löyly, Hanko Sushi and Cock’s & Cows. In 2019, NoHo Partners Plc’s turnover was MEUR 272.8 and EBIT MEUR 30.6. Depending on the season, the Group employs approximately 2,100 people converted into full-time workers.
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