4th Jun 2014 10:06
LONDON (Alliance News) - STV Group PLC Wednesday said it has secured a new five-year revolving credit and overdraft facility for GBP60 million.
The Scottish media company said the new facility, provided by Santander UK and Barclays Bank PLC, has a maturity date of June 2019, and replaces the previous GBP57.5 million facility, with a lower interest margin payable as a result of its strong trading position and normalised balance sheet.
"The new credit facility, which is provided at improved pricing representing the significant improvement in the net debt levels of the group, provides funding certainty and flexibility should this be required to support our future growth ambitions," said Chief Financial Officer George Watt in statement.
STV shares were down 1.2% at 340.00 pence Wednesday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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