2nd Jun 2014 07:00
LONDON (Alliance News) - Card Factory PLC Monday said it has completed the refinancing of its existing senior bank facilities, which has resulted in a significant reduction in the amount of interest it owes.
The UK greetings card retailer joined the growing number of retailers to list on London's main market last month, having raised net proceeds of GBP90 million from its recent IPO to help reduce its net debt, which currently stands at around GBP160 million.
Card Factory said Monday the new senior bank facilities, used in part for the refinancing, include a GBP180 million term loan facility and a GBP20 million revolving facility. It said both facilities have a five-year maturity.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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