30th Sep 2014 05:55
LONDON (Alliance News) - Tesco PLC is understood to have lined up a GBP2.5 billion financing package to safeguard the company against potential ratings downgrades as it works to resolve a GBP250 million black hole in its profit guidance, Sky News reported on Monday.
The supermarket has signed up a group of banks to provide a credit facility designed to provide what one banker described as an "insurance policy" as the group contends with the accounting problem, Sky News said.
Banking sources said the financing would allow the company to finance itself regardless of the outcome of an independent probe into the accounting issues exposed last week.
http://news.sky.com/story/1344260/tesco-taps-banks-for-2-5bn-crisis-warchest
By Sam Unsted; [email protected]; @SamUAtAlliance
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