Silicon Valley Bank

13 Mars 2023

Groupe des technologies d'apprentissage plc

("LTG", le "Groupe" ou la "Société")

(OBJECTIF : LTG)

Silicon Valley Bank

Learning Technologies Group plc, a global market leader in digital learning and talent management, notes the developments regarding Silicon Valley Bank ("SVB", the US entity) and Silicon Valley Bank UK Limited ("SVB UK").

The Company's exposure to SVB and SVB UK does not have a material effect on its financial position and the Company reaffirms that it has a robust balance sheet and strong liquidity.

As at 10 March 2023, the Company had total cash and cash equivalents of £110.7m, of which approximately £11.7m was on deposit with SVB and SVB UK.  Of the c.£11.7m on deposit, c.£9.4m was with SVB and c.£2.3m with SVB UK.  LTG requested withdrawal of its deposits on Friday and has received £0.3m to date.  The Board notes the statement dated 12 March from the United States Department of the Treasury, Federal Reserve, and FDIC, and the Company will continue to pursue any unreturned deposits, including if necessary through the relevant receivership process.

The Company has a strong and diversified banking syndicate made up of Barclays, HSBC, Bank of Ireland, Fifth Third Bank and SVB (which also acted as Facility Agent for the lenders).  The facilities comprise a drawn amortising term loan of $255.4m (of which SVB provided $53.7m) and an undrawn Revolving Credit Facility ("RCF") of $50m (of which SVB provided $10.5m).  SVB's portion of the term loan will continue to be outstanding until it is due to be repaid or SVB is replaced.  LTG believes it is unlikely that SVB will fund its share of any future drawings on the RCF, although the remaining $39.5m will continue to be available as normal. 

The Company will look to replace SVB as Facility Agent and Lender in due course.

Enquêtes

À propos de LTG

Learning Technologies Group plc (LTG) est un leader sur le marché en pleine croissance de l'apprentissage numérique et de la gestion des talents en milieu de travail. Le groupe propose des solutions d'apprentissage et de gestion des talents de bout en bout, allant du conseil stratégique à une gamme de solutions de contenu et de plateforme, en passant par des informations analytiques qui permettent aux entreprises et aux gouvernements de combler l'écart entre les capacités actuelles et futures de la main-d'œuvre.

LTG est cotée sur l'Alternative Investment Market (LTG.L) de la Bourse de Londres et a son siège social à Londres. Le Groupe dispose de bureaux en Europe, en Amérique du Nord, en Amérique du Sud et en Asie-Pacifique.