SMITHS NEWS, the largest UK newspaper and magazine wholesaler, has refinanced and increased its existing bank facilities, extending the maturity of its debt to support the group’s medium-term funding requirements.
The group’s previous facilities were for a total of £174m and were due to mature in November 2014. The new facility, provided by a strong syndicate of five banks, has increased to £200m and will mature in November 2018, providing over four years of funding.
This new facility comprises a term loan (with limited amortisation) and a revolving credit facility with margin and covenants favourable against the previous facility.
Nick Gresham, chief financial officer at Smiths News, said: “We are delighted by the strong support from our banking syndicate, which provides the group with the financing we need to underpin Smiths News growth strategy for an extended maturity, on competitive terms.”