Time Out Group plc announced that it has agreed a new secured loan note facility for EUR 35,000,000, which can be extended later by mutual agreement to EUR 47,500,000 with Crestline Direct Finance L.P. This Loan Note Facility will successfully refinance the outstanding balance (EUR 25,384,397) of its existing loan facility between Time Out Market Limited and Incus Capital Advisers S.A. (which is due for repayment on 30 November 2022) and provide additional working capital to support the Group's further growth. Drawdown under the Loan Note Facility is scheduled to take place on 30 November 2022 to coincide with the repayment of the existing debt facility. The Facility has a term of 4 years, with the right to redeem the Loan Notes after 2 years.

Interest may be capitalised or paid in cash, at the election of the Company, during the first year at a rate of 9.5% plus 3-month EURIBOR and from the second year onwards interest will be paid in cash at a rate of 8.5% plus 3-month EURIBOR. There will separately be an exit premium payable upon full repayment of the Loan Note Facility, calculated by reference to the principal amount drawn.