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Saga PLC - Kent, England-based provider of services to people aged 50 and over - On Thursday, says it expects annual profit growth, and announces a refinancing of its corporate debt. Underlying pretax profit in the year, which concludes on Friday, is to be ‘marginally’ higher than 12 months prior on a like-for-like basis. It will be ‘ahead of our previous guidance’, Saga adds. ‘As we look ahead, we expect the momentum to continue to build in our Cruise and Travel businesses. As previously outlined, we anticipate that Insurance Broking earnings will fall in the short-term, ahead of the start of the partnership with Ageas, but are pleased that work on the transition is on track to allow the new arrangement to go live Q4 2025,’ Saga says. The firm says it has agreed new credit facilities with certain funds and accounts on HPS Investment Partners’ direct lending platform. The facilities will ‘materially enhance the group’s liquidity position, significantly increase covenant headroom and provide funding certainty as the group moves to execute its growth plans’. The financing includes a £335.0 million term loan, which will go towards repaying its £250.0 million senior unsecured notes which mature in July 2026. It will also repay £75.0 million of drawings under a £85.0 million loan facility with Chair Roger De Haan. Saga also announces a £100.0 million delayed-draw term loan facility that is available for three years and a £50.0 million revolving credit facility. Current stock price: 124.00 pence, closed up 1.6% in London on Friday 12-month change: down 9.6% Copyright 2025 Alliance News Ltd. All Rights Reserved.
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