3rd Apr 2023 19:28
B&M European Value Retail SA - Luxembourg-based variety goods value retailer - Completes refinancing of bank facilities totalling GBP450 million. Facilities provided by a syndicate of seven banks and comprise a GBP225 million term loan and a GBP225 million revolving credit facility with a five-year maturity, plus two additional one-year extension options.
Says these fully cover anticipated bank borrowing requirements and replace the existing GBP300 million term loan and GBP155 million RCF that were expected to mature in April 2025. The thresholds on the financial covenant ratio and applicable interest margins are equivalent to existing levels. Adds Heron Foods Ltd and Heron Food Group Ltd will now also act as guarantors of the facilities and also the outstanding GBP400 million 2025 senior secured notes, and its GBP250 million 2028 senior secured notes.
Current stock price in London: 479.59 pence
12-month change: down 12%
By Jeremy Cutler, Alliance News reporter
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