Quarto Group Inc Extension and amendment of banking facilities (9574F)
November 01 2018 - 2:00AM
UK Regulatory
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RNS Number : 9574F
Quarto Group Inc
01 November 2018
1 November 2018
The Quarto Group, Inc.
Extension and amendment of banking facilities
The Quarto Group, Inc. ("Quarto" or "The Group") the world's
leading illustrated book publisher and distribution group announces
that it has today signed an agreement with its banking syndicate to
extend the maturity of its facilities to 31 August 2020.
The revised facilities incorporate an immediate reduction in
bank debt and a subsequent amortisation programme. As part of the
agreement with the banking syndicate, certain of the Company's
larger shareholders and a related company have agreed to provide
unsecured and subordinated loans to the Company totalling US$13m.
These loans are repayable by 31 August 2020 and will be used to
reduce bank facilities and to provide additional working
capital.
CK Lau, CEO, said "We are delighted to have concluded
negotiations with our banking syndicate to extend the term of our
facilities. This gives us a stable position to continue our focus
on improving the performance of the business and reducing debt to a
more acceptable level."
For further information, please contact:
The Quarto Group, Inc.
Natacha Jedzinska, Corporate Communications Manager +44 (0)207 700 8075
About The Quarto Group
The Quarto Group (LSE: QRT) creates a wide variety of books and
intellectual property products for global distribution, with a
mission to inspire life's experiences. Produced in many formats for
adults, children and the whole family, our products are visually
appealing, information rich and stimulating.
The Group encompasses a diverse portfolio of imprints and
businesses that are creatively independent and expert in developing
long-lasting content across specific niches of interest.
Quarto sells its products globally in over 50 countries and 40
languages, through a variety of sales channels and partnerships,
and five main routes to market - US, UK, International English
Language, Foreign Language and other Partnerships.
Quarto employs c.350 talented people in the US, UK, Hong Kong
and Australia. The Group was founded in London in 1976. It is
domiciled in the US and listed on the London Stock Exchange.
For more information, visit quarto.com, quartoknows.com or
follow us on Twitter at @TheQuartoGroup.
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END
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