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HMV secures new banking facility

Tue, 07th Jun 2011 07:04

Struggling CD and DVD retailer HMV has struck a refinancing deal with its banks worth £220m that represents an "important milestone" in securing the company's financial stability.The new banking facility comprises a £70m term loan, a £90m term loan and a £60m credit facility."We are very pleased to have concluded the new bank facility, which represents another important milestone in securing the financial stability of the group," said chief executive Simon Fox.HMV said trading has remained in line with an update last month, when it reported a sharp fall in sales.The company is holding a meeting on 23 June to discuss HMV's proposed disposal of its book chain Waterstones. It has sent shareholders a circular with details of the meeting, as well as the company's strategy of developing the mix of products it sells and growing its presence in the live music and digital download markets.---RG