WH Smith completes refinancing with £400m facility
The group's existing £363m lending facilities, consisting of a £250m revolving credit facility and a £113m term loan have now been cancelled and repaid
WH Smith has completed the refinancing of its existing £363m lending facilities after securing a £400m sustainability-linked facility.
The group’s existing £363m lending facilities, consisting of a £250m revolving credit facility and a £113m term loan have now been cancelled and repaid.
The new RCF is for a five-year term, with two uncommitted extension options of one year each, which would extend the tenor to six or seven years, if exercised.
The latest facility was provided by a syndicate of banks: Barclays, BNP Paribas, Citi Commercial Bank, Fifth Third, HSBC, JP Morgan, PNC, Santander and SEB.
Robert Moorhead, group chief financial officer and chief operating officer, said: “We are delighted to complete this refinancing.
“The new facilities, which are on improved terms, support our strategic ambitions to grow our global travel retail business. We look forward to working with our banks to deliver the significant growth opportunities in our global travel retail markets.”
