14th Feb 2014 12:13
LONDON (Alliance News) - Darty PLC Friday announced the launch of a refinancing package, comprising two key components.
The multi-channel electrical product retailer said the first component of the refinancing is a new five year committed multicurrency revolving credit facility agreement of up to EUR250 million, which the company entered on Thursday.
The company said the second part of the refinancing is the launch of an offering by its subsidiary Darty Financement SAS of EUR250 million senior notes due in 2021.
Both of the elements are guaranteed on a senior basis by Darty, Kesa Holdings Limited and Kesa International Limited.
Darty said it plans to use the cash to repay all outstanding debts, to cancel all outstanding commitments under Darty's existing EUR455 million credit facility fund and to pay certain fees and expenses related to the refinancing.
Darty shares were up 1.8% to 130.75 pence Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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