Samsonite International S.A. announced that on June 21, 2021 (the "Effective Date") it refinanced the 2020 Incremental Term Loan B Facility that was borrowed on May 7, 2020. Under the terms of the refinanced 2020 Incremental Term Loan B Facility, the interest rate payable has been reduced with effect from the Effective Date from the previous rate of LIBOR plus 4.50% per annum with a LIBOR floor of 1.00% (or a base rate plus 3.50% per annum) to LIBOR plus 3.00% per annum with a LIBOR floor of 0.75% (or a base rate plus 2.00% per annum). The loans under the refinanced 2020 Incremental Term Loan B Facility were issued with original issue discount with an issue price of 99.75%. In connection with the refinancing the Group repaid USD 100 million principal amount of its outstanding borrowings under the 2020 Incremental Term Loan B Facility. When combined with the previously announced repayment on June 7, 2021 of USD 125 million principal amount of the Group's borrowings under its term loan A facility and USD 100 million principal amount of the Group's borrowings under its revolving credit facility, during June 2021 the Group has repaid a total of USD 325 million principal amount of its indebtedness. The Company estimates that the refinancing of the 2020 Incremental Term Loan B Facility, together with the repayment of a portion of the Group's borrowings under its term loan A and revolving credit facilities will result in a reduction in cash interest payments in the first full year following the Effective Date of more than USD 20 million per annum.