The Restaurant Group plc announced it has successfully amended and extended its debt facilities. The revised £340 million package comprises a £220 million Term Loan Facility and a £120 million Revolving Credit Facility (the "RCF") with its existing lenders.  This represents a c. £21 million early repayment of its previous facilities. TRG continues to have a strong liquidity position with over £140 million of cash headroom.   This provides the Group with an additional two years of debt facilities with the maturities of the Term Loan and the RCF extended to April 2028 and March 2027, respectively.

  The covenant package provides additional covenant headroom for the Group until March 2025.  For the next financial year, the Group's net leverage covenant (as measured on a pre-IFRS 16 basis) shall be set at 5.0x for the June 2023 covenant test (previous position 4.5x) and 4.75x for the Dec 2023 covenant test (previous position 4.0x).  As already reported, TRG has previously purchased interest rate caps as follows:  On £125 million of debt limiting the SONIA base rate to 0.75% effective from November 2022 to November 2025; and o On £100 million of debt limiting the SONIA base rate to 0.75% effective from November 2025 to November 2026. These caps reduce the risk of interest rate changes on its debt over the next four years.