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NEW REVOLVING CREDIT FACILITY SIGNED

13th May 2010 07:01

RNS Number : 8255L
DSG International PLC
13 May 2010
 



PR 46/10

7.01am, 13 May 2010

 

DSG INTERNATIONAL PLC

NEW REVOLVING CREDIT FACILITY SIGNED

 

DSG international plc, one of Europe's leading specialist electrical retailers, announces that it has successfully signed a new £360 million Revolving Credit Facility.

This new facility will come into effect by 15 August 2010 at which time it will replace the Group's existing facilities.

The new facility provides the Group with significant flexibility. At the earliest it will mature on 15 August 2012, and the Group has the option to extend the facility to 15 August 2013 in the event that it raises additional finance of a minimum of £100 million by November 2011. It is the Group's intention that the proceeds from any such financing would principally be used to refinance the Group's 2012 Bond.

The covenants on the new facility are substantially the same as that for the Group's existing facility save that the guarantee structure comprises UK & Irish companies only, aligning it closer to the Group's 2012 Bond.

This new agreement gives the Group the appropriate level of committed financing for its working capital needs. It also provides the Group with the flexibility of either a longer term on the new facility or to enter into a new or revised Revolving Credit Facility at a later date.

 

 

- Ends -

 

For further information

David Lloyd-Seed, Group Director of Communications, DSGi 01727 205065

Mark Webb, Head of Media Relations, DSGi 01727 205019

 

 

Laura Cummings

Jayne Rosefield Brunswick 020 7404 5959

 

Information on DSG international plc is available at http://www.dsgiplc.com

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
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