Bifogade filer
BHG Group announces changes to the Management team and successful amendment of financial covenants
Kurs & Likviditet
Prenumeration
Beskrivning
| Land | Sverige |
|---|---|
| Lista | Mid Cap Stockholm |
| Sektor | Handel & varor |
| Industri | Detaljhandel |
Management team changes
BHG Group AB (Publ) (“BHG”) is pleased to announce that David Olhed will join the Management team as Group Chief Commercial Officer from 30 June 2023. David previously held numerous management positions within the CDON group and comes with a strong track record from execution of online and market place strategies.
As part of group re-organisation Sara Sterner will, as mutually agreed, leave BHG and the position as Head of HR, Communications and ESG on 30 June 2023. Martin Leo, Group Chief Technology Officer who is also leading our data and process initiatives, will assume responsibility for ESG and join the Management team. People and Culture development will be transferred to business units.
Amendment of financial covenants
BHG has successfully amended its existing financing agreement to provide further flexibility for financial covenants. The covenant relief applies during the period from and including 30 June 2023 to and including 31 March 2024 and includes that current financial covenants regarding leverage ratio and interest coverage ratio are replaced by new financial covenants regarding earnings and liquidity during the period. For the amendment period pricing is adjusted and BHG has agreed to provide further security over certain tangible assets.
Total credit facilities of SEK 3,300m divided between a "term loan" facility, a revolving credit facility and an overdraft facility, of which SEK 2,000m was utilised as of 31 March 2023. Current facilities expire in May 2025, with an option for BHG to extend until May 2026.