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LONDON (Alliance News) - International Greetings PLC on Tuesday said it has completed a GBP110.0 million debt refinancing with lender HSBC.
The greeting cards and gift packaging company said HSBC has agreed to fund all of its core and seasonal working capital needs.
The new facilities will substantively replace all previous debt facilities used by the company, excepting those used by its joint venture in Australia.
"Our new banking arrangements are not only on improved commercial terms, but also provide us with greater flexibility, freedom to act and the ability to fund our businesses in a simpler and more cohesive way. I am pleased and proud that HSBC is prepared to underpin our continued growth and development with such a significant statement of support," said Anthony Lawrinson, International Greetings' chief executive.
International Greetings shares were up 5.8% to 182.00 pence Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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