35. Subsequent events

TMF Group signed agreement with Proven - Kingdom of Saudi Arabia to acquire 100% of the shares which became effective in January 2024. The acquisitions are driving our strategic and operational performance. Due to the recent closing date, additional IFRS disclosures cannot be made until the initial accounting for the business combination, including contingent consideration, has been completed.

In January 2024, the repricing of senior loans consisting of Facility B1 of €955 million and Facility B2 of $400 million was finalised. Facility B1 of €955 million became Total Facility B1 consisting of Facility B1 of €850.9 million and New Facility B1 of €104.1 million, and Facility B2 of $400 million became Total Facility B2 consisting of Facility B2 of $370.6 million and New Facility B2 of $29.4 million. The interest of Facility B1 is unchanged in comparison to 2023. The interest of New Facility B1 is 3.75% plus 3 or 6 month EURIBOR (floored at 0%). Interest for Facility B2 is 5.0% plus 3-month USD TERM SOFR CME and for New Facility B2 is 4.0% plus 3-month USD TERM SOFR CME. This repricing resulted in substantial modification and extinguishment accounting is applied in January 2024. Any difference between the carrying amount of the original liability and fair value of new modified financial liability is recognised in profit or loss. As a result of extinguishment accounting, modification loss of €24.3 million is recognised in statement of profit or loss in January 2024.