Holiday group Saga to refinance debt worth $559 million, Sky News reports
Jan 29 (Reuters) - Britain's Saga (SAGA.L), opens new tab is likely to announce a deal to help the holiday group refinance more than 450 million pound ($559.4 million) of its existing debt on Thursday, Sky News reported on Wednesday.
Saga, which specialises in cruise packages for people over 50 years of age, is lining up HPS for the deal, Sky News added. HPS is being acquired by asset manager BlackRock.
The deal, which financiers expect to be announced along with Saga's first-quarter trading statement before the market opens on Thursday, is likely to include a bond and loan from chairman Roger De Haan and Saga's revolving credit facility, the report said.
London-listed Saga sold its insurance underwriting business for $88.1 million to Belgian firm Ageas (AGES.BR), opens new tab in October after facing challenges with the unit's performance.
Saga declined to comment on the report, while HPS did not immediately respond to Reuters' request for comment.
($1 = 0.8044 pounds)
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