Gynnsthetonic
Well-Known Member
Could the actual stadium and the other areas not be split so the football club have the lease to just the pitch and 4 stands while the rest is leased to another company?
Bloke tried to fuck our football club off for his shit rugby club. Can be in the queue for a food bank for all I care.Almost feel sorry for him having wasted his fortune on a shit rugby club
As did the councilBloke tried to fuck our football club off for his shit rugby club. Can be in the queue for a food bank for all I care.
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.
Bloke tried to fuck our football club off for his shit rugby club. Can be in the queue for a food bank for all I care.
Could the actual stadium and the other areas not be split so the football club have the lease to just the pitch and 4 stands while the rest is leased to another company?
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 ?
I hope the bin men fuck them up tooAs did the council
This bond delay is clearly news yet seems not to be in any press I can see
It's ok no need to panic, Vaughan says it's to be paid at the end of June and all is goodThis bond delay is clearly news yet seems not to be in any press I can see
Didn’t know this was an option. I’ll tell any future debtors I’ll pay when I want.
Haha. You wouldn’t guess I’ve just finished an audit would you.Creditors!
Could the actual stadium and the other areas not be split so the football club have the lease to just the pitch and 4 stands while the rest is leased to another company?
Haha. You wouldn’t guess I’ve just finished an audit would you.
Not yet. ACCA journey.I might - you Chartered?
Best way !Not yet. ACCA journey.
Did you enjoy the game yesterday?Been giving the latest wasps revelation a little thought.
So what do we know.
The deadline fixed 7 years ago and they missed it. They have it seems with this and other bond issues totally and consistently disrespected their investors. Would be very very hard to use a public investment route again. How could you trust them.
On the face of it things had been moving forward
- team started winning - but crowds not great but are all paying customers
- New training complex - doesn't create income much needs to be financed
- events back at stadium, concerts coming up and commonwealth games too - major events have not happened yet
- the crowds they do have though small are at least paying for tickets
- players being signed - but more players out and they would seem to be mainly high earners
- ccfc returning and paying rent
- planning permission on new hotel
- stadium sponsorship in place
So why the delay. Some possible reasons. Take your preference its only suggestions and guesswork
- the legals have taken longer to complete than anticipated
- wasps struggled to find a bank that would take it on.
- the problems between wasps and ccfc caused delays but ccfc have been back 12mths so could it be a factor- I don't think so
- CBS stadium sponsorship took time to get over the line so affected planning - shouldn't be a factor should it.
- the loan agreed in principle but subject to due diligence. Is there a problem with the due diligence. The lenders will need to prove not only security but also that there is a business there capable of making the repayments. Not just this year but for the foreseeable future. Do their projections stack up, can those figures be stressed by say 30% and still pay commitment - that kind of thing
- are wasps paying their liabilities as they fall due, are they keeping their trade creditors comfortable? . If not then that's a possible red flag to a lender. They would need increased guarantees to move forward
- are lenders demanding in their offer more investment from the owner. Is the owner prepared to do that. If not he risks losing his current investment
- do the existing security charges need satisfying or reordering or permission given to move forward?
- the pandemic has hit wasps harder than has been made public and the financial situation has got much worse
- no real positive cash flow because of end of season and major events not in yet
- if it is multiple lenders is it taking time to get it all arranged to the same date
Truth is probably a mix of several of the above which combined are serious problems day to day and particularly for lenders doing due diligence
We all know wasps are a financial basket case. I have no inside knowledge at all and still think the refinancing will be done. I dont see wasps going bust based on what we actually know for sure ( which isn't a lot) but I don't think there is much doubt that they are currently at point of high risk and struggling
Been giving the latest wasps revelation a little thought.
So what do we know.
The deadline fixed 7 years ago and they missed it. They have it seems with this and other bond issues totally and consistently disrespected their investors. Would be very very hard to use a public investment route again. How could you trust them.
On the face of it things had been moving forward
- team started winning - but crowds not great but are all paying customers
- New training complex - doesn't create income much needs to be financed
- events back at stadium, concerts coming up and commonwealth games too - major events have not happened yet
- the crowds they do have though small are at least paying for tickets
- players being signed - but more players out and they would seem to be mainly high earners
- ccfc returning and paying rent
- planning permission on new hotel
- stadium sponsorship in place
So why the delay. Some possible reasons. Take your preference its only suggestions and guesswork
- the legals have taken longer to complete than anticipated
- wasps struggled to find a bank that would take it on.
- the problems between wasps and ccfc caused delays but ccfc have been back 12mths so could it be a factor- I don't think so
- CBS stadium sponsorship took time to get over the line so affected planning - shouldn't be a factor should it.
- the loan agreed in principle but subject to due diligence. Is there a problem with the due diligence. The lenders will need to prove not only security but also that there is a business there capable of making the repayments. Not just this year but for the foreseeable future. Do their projections stack up, can those figures be stressed by say 30% and still pay commitment - that kind of thing
- are wasps paying their liabilities as they fall due, are they keeping their trade creditors comfortable? . If not then that's a possible red flag to a lender. They would need increased guarantees to move forward
- are lenders demanding in their offer more investment from the owner. Is the owner prepared to do that. If not he risks losing his current investment
- do the existing security charges need satisfying or reordering or permission given to move forward?
- the pandemic has hit wasps harder than has been made public and the financial situation has got much worse
- no real positive cash flow because of end of season and major events not in yet
- if it is multiple lenders is it taking time to get it all arranged to the same date
Truth is probably a mix of several of the above which combined are serious problems day to day and particularly for lenders doing due diligence
We all know wasps are a financial basket case. I have no inside knowledge at all and still think the refinancing will be done. I dont see wasps going bust based on what we actually know for sure ( which isn't a lot) but I don't think there is much doubt that they are currently at point of high risk and struggling
I don't think there is much doubt that they are currently at point of high risk and struggling
What I've taken from a great analysis. This is the most pleasing aspect of your post!
Bridge has been released from his cage and has written his propaganda piece.
it’s a desperate article
Nice to see you around SBWM, I was starting to get worried! Thank you also for your kind words on t'other thread a little while back, it's good to know that someone occasionally enjoys my inane ramblings!
Anyhow, yes, agreed another good bit of analysis from OSB. Whatever the reason is behind it, there's no way that Wasps would have wanted to delay repayment of the bond. It has to suggest problems somewhere in the process.
One thing that struck me when thinking it through, repayment of the bond is just about covering the money already spent. If Wasps are looking for someone to actually invest further in their business, they're actually going to have to take on even more debt (or offer equity, I guess).
Of course, they've already sold a share of their future profits to CVC for some up front cash. How much more is there to go round for other potential investors, I wonder? Interesting times!
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?