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SSP, a leading operator of food and beverage outlets in travel locations worldwide, has seen an unprecedented and rapidly escalating impact of the COVID-19 virus on the travel operating environment, particularly in airports, with revenues significantly impacted globally.

The HSBC corporate team proactively engaged with the client, who was looking to take decisive and immediate action to preserve cash and ensure sufficient liquidity even in the event of the most pessimistic trading scenario.

As a result, HSBC led and agreed an up to GBP112.5 million 18-month committed bank facility alongside two other banks, which represents incremental financing to its existing debt facilities. Additionally, and acting as Joint Global Coordinator, HSBC announced and successfully priced a c.20 per cent cash placing for SSP Group, raising GBP216 million.

The proceeds from the raise will be used to strengthen the Company's balance sheet, working capital and liquidity position during this period of unprecedented disruption in the global travel market as a result of the COVID-19 outbreak. Alongside the transaction announcement, SSP separately provided a trading update which outlines the current and anticipated impact of the Covid-19 pandemic on the Company.

Patrick Nolan, Global Head of Corporate Finance noted: "Working closely with SSP to identify the right solution to their current challenges, engage stakeholders and the investor community, and bring on board our equity team, has delivered a timely and impactful solution for this long standing client. We are working closely with all of our clients to proactively address their individual situations, and support businesses through this difficult time."

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