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Wasps downward spiral... (5 Viewers)

  • Thread starter CCFC54321
  • Start date Oct 20, 2018
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oldfiver

Well-Known Member
  • May 13, 2022
  • #3,536

London Stock Exchange | London Stock Exchange

null
www.londonstockexchange.com
 

oldskyblue58

CCFC Finance Director
  • May 13, 2022
  • #3,537
This link gives details

Notice of Refinancing and Delay to Repayment - 15:41:41 13 May 2022 - WAS1 News article | London Stock Exchange


Notice of Refinancing and Delay to Repayment
WASPS FINANCE PLC
Released 15:41:41 13 May 2022

RNS Number : 5017L
Wasps Finance PLC
13 May 2022

13 May 2022

WASPS FINANCE PLC
£35,000,000 6.50 PER CENT. SECURED BONDS DUE 13 MAY 2022

(ISIN: XS1221940510, COMMON CODE: 122194051)

Notice of Refinancing and Delay to Repayment

Wasps Finance plc (the "Issuer") provides an update regarding the refinancing of the Issuer's £35,000,000 6.50 per cent. Secured Bonds due 13 May 2022 (ISIN: XS1221940510, Common Code: 122194051) (the "Bonds").

Together with the support of Wasps Holdings Limited and Arena Coventry Limited (together, the "Guarantors"), the Issuer has agreed, subject to final due diligence and documentation, the terms for the refinancing of the Secured Bonds, with a lending group including HSBC UK Bank plc ("HSBC") as senior debt provider.

The Bonds' final Maturity Date is set to occur on 13 May 2022 and in connection with the proposed refinancing, the redemption of the Bonds at their nominal amount will be delayed pending completion of the refinancing. U.S. Bank Trustees Limited (the "Trustee") has also been notified of this delay and the Issuer expects to complete the refinancing on or before 30 June 2022.

Wasps Finance plc will continue to meet its obligations under the Bonds to pay interest as it falls due, including the upcoming payment on 13 May 2022, until the Bonds are redeemed on completion of the refinancing.

Stephen Vaughan, Chief Executive Officer of Wasps Holdings Limited, commented:

"We are pleased to have agreed the terms with HSBC UK. While we complete the final terms of the refinancing, the full redemption of the Bonds will be delayed. We thank bondholders for their continued support and look forward to updating them further in due course."


The Issuer will provide further updates as appropriate.

Enquiries:

Elizabeth Snow
wasps@tulchangroup.com
+44 (0)20 7353 4200

END


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.







Cant help thinking that they left it for some reason until the very last minute and for some reason didnt get it over the line for HSBC to pay out. Possibly the legals involved took longer than expected? or the charges still in place needed to reordered in priority ?

Pretty shoddy yet again all the same. But seems there is a deal in place to repay the bondholders via HSBC plus others

the repayment date coincides with the company year end, i dont know if that is significant in some way ?
 
Last edited: May 13, 2022

chiefdave

Well-Known Member
  • May 13, 2022
  • #3,538
Can you just delay a payment that is due by weeks with no penalty?
 

oldskyblue58

CCFC Finance Director
  • May 13, 2022
  • #3,539
If the Trustees agree to it i would think so. They will have to pay interest on the bonds between 13/05/22 and the redemption date. Not sure what the bond document says about delays and penalties though
 

Gynnsthetonic

Well-Known Member
  • May 13, 2022
  • #3,540
That Shugs and Neils really piss me off on that Wasp message board saying so what about the bonds, they've bought a ground and have a tenant on a 10 year lease. Surely this doesn't look good for them and they are still in the shit financially, I was doing some contract work at stadium last week and there were rumours amongst staff that Richardson is fucked and is now borrowing money to keep Wasp afloat.
 
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oldfiver

Well-Known Member
  • May 13, 2022
  • #3,541
chiefdave said:
Can you just delay a payment that is due by weeks with no penalty?
Click to expand...

Advfn bond holders not happy and think not
 

SBAndy

Well-Known Member
  • May 13, 2022
  • #3,542
Gut feeling tells me their borrowing will be interest-only, meaning their issues continue ad infinitum.
 

fernandopartridge

Well-Known Member
  • May 13, 2022
  • #3,543
SBAndy said:
Well you’d expect if they were going down the route of traditional finance there would be a charge logged over the Arena and/or a Debenture over Wasps Holdings Limited. Either a) there’s a hold-up with the charge registration at Companies House but the legal firm involved have given sign-off that it is in effect, or b) other funding means have been utilised.

Definitely too early to say one way or the other, and registration of charges at Companies House isn’t necessarily gospel in terms of immediacy, but you would naturally think that a charge would have been logged in time for maturity. Not like it’s come as a surprise.
Click to expand...

I thought it probably just a delay with CH to be honest
 

Skybluemichael

Well-Known Member
  • May 13, 2022
  • #3,544
I always thought the were secured against the stadium, can’t the bond holders just say fuck it we’ll have the stadium?
 

SBAndy

Well-Known Member
  • May 13, 2022
  • #3,545
fernandopartridge said:
I thought it probably just a delay with CH to be honest
Click to expand...

Clearly not. It’s not been finalised. This clip of the notice has me…intrigued.

the Issuer has agreed, subject to final due diligence and documentation, the terms for the refinancing of the Secured Bonds
Click to expand...

Of course, could be nothing, but the fact they’ve missed the deadline and there’s still seemingly DD and documentation to complete paints a picture of a pretty sloppy transaction.
 
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oldfiver

Well-Known Member
  • May 13, 2022
  • #3,546
SBAndy said:
Clearly not. It’s not been finalised. This clip of the notice has me…intrigued.



Of course, could be nothing, but the fact they’ve missed the deadline and there’s still seemingly DD and documentation to complete paints a picture of a pretty sloppy transaction.
Click to expand...

They put out notices to the Investment Brokers a week a go that the refinace had ben agreed and repayment would be on time
 

Philosoraptor

Well-Known Member
  • May 13, 2022
  • #3,547
Probably get them to the end of the season financially.
 
H

HuckerbyDublinWhelan

Well-Known Member
  • May 13, 2022
  • #3,548
Remember when the council said they wouldn’t sell to SISU because they’d just borrow against the stadium
 
Reactions: vow, Skyblueweeman, Sky Blue Pete and 8 others

SBAndy

Well-Known Member
  • May 13, 2022
  • #3,549
oldfiver said:
They put out notices to the Investment Brokers a week a go that the refinace had ben agreed and repayment would be on time
Click to expand...

Exactly. Something about this seems off. When bond holders are contacted saying they’ll get their money back on the maturity date, then that rolls around and they’re told it’s another 6 weeks…it doesn’t sit right.
 
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oldfiver

Well-Known Member
  • May 13, 2022
  • #3,550
Pawning off some of their trading activities or refinancing existing?
 

Tommo1993

Well-Known Member
  • May 13, 2022
  • #3,551
In layman’s terms, does this mean the can has just been kicked down the road?
 
Reactions: Philosoraptor

fernandopartridge

Well-Known Member
  • May 13, 2022
  • #3,552
SBAndy said:
Exactly. Something about this seems off. When bond holders are contacted saying they’ll get their money back on the maturity date, then that rolls around and they’re told it’s another 6 weeks…it doesn’t sit right.
Click to expand...

They must have known at that point that any agreement was subject to due diligence.
 

SBAndy

Well-Known Member
  • May 13, 2022
  • #3,553
fernandopartridge said:
They must have known at that point that any agreement was subject to due diligence.
Click to expand...

Regardless, they fucking knew last week when they confirmed the bonds would be repaid on maturity date that there was a 0% chance of repaying on the maturity date.
 
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oldfiver

Well-Known Member
  • May 13, 2022
  • #3,554
Tommo1993 said:
In layman’s terms, does this mean the can has just been kicked down the road?
Click to expand...

Probably more like a collection tin
 
Reactions: duffer and Tommo1993

Grendel

Well-Known Member
  • May 13, 2022
  • #3,555
oldfiver said:
Probably more like a collection tin
Click to expand...

I think this is surprising and I assume must have something to do with FYE looking at the revised timings
 

chiefdave

Well-Known Member
  • May 13, 2022
  • #3,556
So what happens if the due diligence throws something up, maybe something like the stadium being massively over valued as happened to Wasps at Loftus Road, the reason they ended up at Wycombe in the first place.

Surely if due diligence is still being carried out there is a chance, no matter how small, the finance won't be provided, what then?
 
O

oldfiver

Well-Known Member
  • May 13, 2022
  • #3,557
I am more interested in "the lending group" have they had to go to a consortium of investors who are underwriting the primary lender. Does not sound like the loan is predicated on the super value stadium ?
 
Reactions: Gynnsthetonic

Gynnsthetonic

Well-Known Member
  • May 13, 2022
  • #3,558
oldfiver said:
I am more interested in "the lending group" have they had to go to a consortium of investors who are underwriting the primary lender. Does not sound like the loan is predicated on the super value stadium ?
Click to expand...
That's the story I heard last week or along those lines and Richardson can't afford propping the business up anymore
 
B

Brighton Sky Blue

Well-Known Member
  • May 13, 2022
  • #3,559
Gynnsthetonic said:
That's the story I heard last week or along those lines and Richardson can't afford propping the business up anymore
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Almost feel sorry for him having wasted his fortune on a shit rugby club
 
Reactions: Gynnsthetonic

Gynnsthetonic

Well-Known Member
  • May 13, 2022
  • #3,560
Brighton Sky Blue said:
Almost feel sorry for him having wasted his fortune on a shit rugby club
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Whoever his investors are will come up against the same problem, a business that loses 10m a year, year on year, its not a money making business and never will be.
 
Reactions: vow and duffer
B

Brighton Sky Blue

Well-Known Member
  • May 13, 2022
  • #3,561
Gynnsthetonic said:
Whoever his investors are will come up against the same problem, a business that loses 10m a year, year on year, its not a money making business and never will be.
Click to expand...

If they've got security on the ground that's something else mind
 

Gynnsthetonic

Well-Known Member
  • May 13, 2022
  • #3,562
Brighton Sky Blue said:
If they've got security on the ground that's something else mind
Click to expand...
So Wasp won't own it but a bank will or other investors, everything CCC said Sisu would do which is why they wouldn't sell to them
 
Reactions: vow
B

Brighton Sky Blue

Well-Known Member
  • May 13, 2022
  • #3,563
Gynnsthetonic said:
So Wasp won't own it but a bank will or other investors, everything CCC said Sisu would do which is why they wouldn't sell to them
Click to expand...

Our fate is tied to Wasps whether we want to admit it or not-if Richardson really has borrowed the cash for this then it just got a lot more precarious.
 

Peter Billing

Well-Known Member
  • May 13, 2022
  • #3,564
Brighton Sky Blue said:
Almost feel sorry for him having wasted his fortune on a shit rugby club
Click to expand...

I'm sure I read one interview where he said he hadn't originally planned to get involved in ownership and it was his wife's suggestion. Bet that's a nice topic around the dinner table.
 
Reactions: vow and Gynnsthetonic

Liquid Gold

Well-Known Member
  • May 13, 2022
  • #3,565
Hahaha

all 4 of their fans must be on spin overdrive
 

duffer

Well-Known Member
  • May 13, 2022
  • #3,566
Brighton Sky Blue said:
Our fate is tied to Wasps whether we want to admit it or not-if Richardson really has borrowed the cash for this then it just got a lot more precarious.
Click to expand...

I'm not sure I quite see it that way. If Wasps should fail one day, there aren't many customers in this town for a 32,000 seater stadium.

Anyhow, I must admit that I'm pleasantly surprised to see them letting down the bond holders at such a late date - especially after stating earlier in the week that all was well.

I'm unconvinced that the refinancing is going smoothly if it's not been sorted by now. As long as the Council don't use any taxpayers money to prop them up I couldn't care less what happens to Wasps, frankly.
 
Reactions: vow, CovBrummie94, Skyblueweeman and 4 others

Grendel

Well-Known Member
  • May 13, 2022
  • #3,567
duffer said:
I'm not sure I quite see it that way. If Wasps should fail one day, there aren't many customers in this town for a 32,000 seater stadium.

Anyhow, I must admit that I'm pleasantly surprised to see them letting down the bond holders at such a late date - especially after stating earlier in the week that all was well.

I'm unconvinced that the refinancing is going smoothly if it's not been sorted by now. As long as the Council don't use any taxpayers money to prop them up I couldn't care less what happens to Wasps, frankly.
Click to expand...

Moonstone have the ultimate rights if tenure to the stadium lease I would assume not wasps
 

Gynnsthetonic

Well-Known Member
  • May 13, 2022
  • #3,568
Grendel said:
Moonstone have the ultimate rights if tenure to the stadium lease I would assume not wasps
Click to expand...
What would Moonstone do with it, its not like they can sell it for housing or anything
 

Grendel

Well-Known Member
  • May 13, 2022
  • #3,569
Gynnsthetonic said:
What would Moonstone do with it, its not like they can sell it for housing or anything
Click to expand...

well it’s non rugby side is not loss making and there is a football club paying rent..
 

Gynnsthetonic

Well-Known Member
  • May 13, 2022
  • #3,570
Grendel said:
well it’s non rugby side is not loss making and there is a football club paying rent..
Click to expand...
The non Rugby side is not profit making either, thought it just about broke even.
 
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