ANNOUNCEMENT 29 May 2020

On 29 May 2020, the Ocean Outdoor Limited, an operator of premium Digital Out-of-Home advertising announced receiving GBP 35 million funding under the Coronavirus Large Business Interruption Loan Scheme (CLBILS).

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

London Stock Exchange, Announcements, "Ocean Outdoor Limited-£35m Debt Financing and 2019 Results Reporting". Available at: https://www.londonstockexchange.com/news-article/OOUT/ps35m-debt-financing-and-2019-results-reporting/14557342

Investigate UK, Company News, “Ocean Outdoor secures £35m financing facility to ride out Covid-19 storm”. Available at: https://www.investegate.co.uk/News/ocean-outdoor-secures--pound-35m-financing-facility-to-ride-out-covid-19-storm/883831/

Inception date: 29 May 2020 | Removal date: open ended

Loan guarantee

On 29 May 2020, the Ocean Outdoor Limited announced securing GBP 35 million (USD 43.2 million) funding facility in the form of term loan and revolving credit facility under the Coronavirus Large Business Interruption Loan Scheme (CLBILS). Ocean Outdoor Limited is a leading operator of premium Digital Out-of-Home advertising in the UK. The funding facility is aimed at strengthening the liquidity position of the company amidst the Coronavirus pandemic. Under the CLBILS, the government guarantees 80 percent of the financing to the lender.

The CLBILS, which was introduced by the UK government in April 2020 in response to the Coronavirus pandemic, aims to help the businesses “that are experiencing lost or deferred revenues, leading to disruptions to their cash flow as a direct result of the Coronavirus (COVID-19) outbreak.” The scheme is facilitated by the state-owned British Business Bank and delivered through its delivery partners.

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