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17 Mar 2021 | 07:25

SSP seeks £475m in equity raising to boost balance sheet

(Sharecast News) - Upper Crust owner SSP said it was looking to raise £475m via a rights issue as it prepared for the prolonged impact of the Covid-19 pandemic on the travel industry. The company said it expects a near full return of passenger numbers to pre Covid levels by financial year 2024 "led by a rebound in domestic and leisure short-haul air and rail travel".

No issue price was revealed, but the raising will proceed on a 12-for-25 basis.

SSP added that it had secured an extension to bank facilities that were previously due to expire in July to January 2024, conditional on completion of the equity raising.

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