The Very Group Secures Extension and Renewal of Key Debt Facilities

• UK securitisation facility extended to February 2029 with improved note margins
• £150m revolving credit facility extended to February 2030
• Senior secured notes extended to August 2030 following a £150m reduction in Group debt , with coupon rate reducing from 13.25% to 9.75%

The Very Group Limited (the “Group”) today announces the successful extension and renewal of its key debt facilities, securing long-term funding out to 2029 and beyond.

The refinancing, completed under owners Carlyle, significantly strengthens the Group’s capital structure and leaves the business well positioned for the next stage of its growth.

As part of the refinancing, all note classes within the Group’s UK securitisation facility have been extended, with maturities extended to 1 February 2029. This secures funding for the Group for the next three financial years.

These changes were completed while also improving note margins. The Group’s UK securitisation facility, which totals £1.77bn, has now been operating for over two decades.

Fitch have confirmed ratings of “AAA” and “A” for the A notes and “BBB” for the B notes, while DBRS uprated the notes “AAA” and “AA” respectively.

In addition, the Group’s £150m super senior revolving credit facility has been renewed, with its maturity extended to February 2030.

Following the fulfilment of the deleveraging condition set out in the terms of the Group’s senior secured notes, the notes’ coupon rate has been lowered from 13.5% to 9.75% and maturity has been extended from August 2027 to August 2030. The Group’s overall debt has been reduced by £150m with Carlyle’s capital support, which is expected to be positively acknowledged by rating agencies.

Edward Fry, Chief Financial Officer at The Very Group, commented: “Securing this long-term funding reflects the confidence of our lenders in the strength of our business. The combination of extended maturities, improved margins and further deleveraging provides a stable platform for continued investment in our digital and customer proposition, while maintaining a disciplined approach to balance sheet management. The £150m capital support from Carlyle is a reflection of their strong and ongoing support for the business. This leaves us in a robust financial position and well placed to support future growth.”

Source : The Very Group

Image : The Very Group

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