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.