Learning Technologies Group PLC Silicon Valley Bank (7221S)

TIDMLTG

RNS Number : 7221S

Learning Technologies Group PLC

13 March 2023

Learning Technologies Group plc

("LTG", the "Group" or the "Company")

(AIM: 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 GBP110.7m, of which approximately GBP11.7m was on deposit with SVB and SVB UK. Of the c.GBP11.7m on deposit, c.GBP9.4m was with SVB and c.GBP2.3m with SVB UK. LTG requested withdrawal of its deposits on Friday and has received GBP0.3m 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.

Enquiries:

 
 Learning Technologies Group plc 
  Jonathan Satchell, Chief Executive              +44 (0)20 7832 
  Kath Kearney-Croft, Chief Financial Officer               3440 
 Numis Securities Limited (NOMAD and Corporate 
  Broker)                                         +44 (0)20 7260 
  Nick Westlake, Ben Stoop, Tejas Padalkar                  1000 
 Goldman Sachs International (Joint Corporate 
  Broker)                                         +44 (0)20 7774 
  Bertie Whitehead, Adam Laikin                             1000 
 FTI Consulting (Public Relations Adviser) 
  Rob Mindell, Jamie Ricketts, Emma Hall,         +44 (0)20 3727 
  Lucy Highland                                             1000

About LTG

Learning Technologies Group plc (LTG) is a leader in the growing workplace digital learning and talent management market. The Group offers end-to-end learning and talent solutions ranging from strategic consultancy, through a range of content and platform solutions to analytical insights that enable corporate and government clients to close the gap between current and future workforce capability.

LTG is listed on the London Stock Exchange's Alternative Investment Market (LTG.L) and headquartered in London. The Group has offices in Europe, North America, South America and Asia-Pacific.

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March 13, 2023 03:01 ET (07:01 GMT)

Learning Technologies (AQSE:LTG.GB)
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