19th Feb 2014 17:29
LONDON (Alliance News) - Darty PLC Wednesday said it has successfully priced the second part of its refinancing plan, with the proceeds to be used to help repay all outstanding amounts, and to cancel all outstanding commitments, under its existing EUR455 million revolving credit facility.
In a statement, Darty said it the second part of its refinancing will raise net proceeds of some EUR225 million that will also be used to pay certain fees and expenses connected to its refinancing.
Earlier February, Darty launched the first part of its refinancing, a new five year committed multicurrency revolving credit facility agreement of up to EUR250 million, which will also be used to help pay off its outstanding commitments.
It is raising the money through an offering of EUR250 million Senior Notes due 2021 at a fixed coupon of 5.875% per annum and at an issue price of 100%. The offering is expected to close on February 28.
"For the financial year ended April 30 2014, the refinancing is expected to increase net finance costs by approximately EUR2 million. As a result of the related fees, net debt is expected to increase by approximately EUR11 million," Darty said in a statement.
Darty shares Wednesday closed at 127.00 pence, down 1.25 pence, or about 1.0%.
By Samuel Agini; [email protected]; @samuelagini
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