Joe GallopLive entertainment venue operator Ambassador Theatre Group (ATG) is looking to refinance its debt with a direct lending deal worth up to £1.2bn, according to Bloomberg.
Providence Equity Partners-backed ATG, which owns 58 venues in locations such as London’s West End and New York’s Broadway, is reportedly in talks with direct lending firms about the potential refinancing.
In its most recent accounts, for the 12 months up to 27 March 2021, ATG’s parent company said it had net debt, including finance lease liabilities, of £564.1m.
Venues operated by ATG include the Swansea Arena (cap. 3,500), Stockton Globe Theatre (3,000), Manchester Opera House (1,915), Edinburgh Playhouse (3,039)and London’s Lyceum Theatre (2,214)
Bloomberg said no deal has been struck yet and ATG and Providence Equity Partners declined to comment on the reports.