HSS Hire Group plc announced that it has entered into a new term loan facility of £220 million and a revolving credit facility of £25 million in order to refinance its existing corporate debt. The new term loan facility of £220 million will be provided by HPS Investment Partners with £200 million maturing in June 2023, and £20 million, with flexibility to be settled before maturity, in December 2020. This facility is at interest rates of between 700bps and 800bps over LIBOR dependent upon the net debt leverage ratio of the Group. A new revolving credit facility has also been agreed with HSBC Bank plc and National Westminster Bank plc, maturing in December 2022, at rates of between 250bps and 300bps over LIBOR dependent upon the net leverage of the Group. Closing of the new facilities is subject to customary conditions and is expected to take place in the near future, together with repayment of the Company's existing senior secured notes and revolving credit facility outstanding balances.