15th Apr 2015 06:40
LONDON (Alliance News) - Pets at Home Group PLC on Wednesday said it has signed a five-year, GBP260 million revolving credit facility to refinance its current debt pile.
The FTSE 250-listed pet products and services company said the new facility replaces its existing GBP325 million of drawn facilities which carried a rate of Libor +1.9%. The new facility carries a rate of LIBOR +1.5%.
Pets at Home said the new facility will cut its net financing expense by around GBP2.7 million per year at the current leverage rate. It expects the difference between the two facilities to be covered by existing cash resources.
By Sam Unsted; [email protected]; @SamUAtAlliance
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