LONDON (ShareCast) - (Sharecast News) - Publishing and leisure company Time Out Group has extended its existing ?20m loan from Oakley Capital Investments (OCI), it announced on Friday, by drawing down ?2.5m of an available ?18m extension.
The AIM-traded firm said the availability of the loan extension was first announced in September 2018, and is part of the liquidity set out in the company's announcement on 23 March.

It confirmed the loan extension had now been executed, and was being provided on identical terms to the existing loan.

Funds drawn would be repayable in May 2021, along with accrued interest at 12%.

"The drawn, funds together with cash reserves of ?3.6m as at 1 May, provide near-term liquidity, whilst the company finalises longer term funding in response to the impact of the Covid-19 pandemic and the previously-announced resultant temporary closure of all six Time Out markets, and a slowing of advertising revenues," the board explained in its statement.

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