(Alliance News) - Ted Baker PLC on Tuesday completed refinancing to extend a revolving credit facility of at least GBP80 million until November 2023.
The London-based luxury retailer has reached a new, amended agreement with its existing lending syndicate.
The company's current revolving credit facility includes GBP108 million maturing in September 2022 and GBP25 million maturing in January 2022. This will be replaced by a revolving credit facility maturing in November 2021 comprising GBP90 million, reduced to GBP80 million from January 2022.
The agreement also includes changes tests of the company's adjusted earnings before interest, tax, depreciation and amortisation, which Ted Baker has suggested will offer the group more "financial flexibility".
"Combined with Ted Baker's strong net cash position of GBP66.7 million at the end of the financial year 30 January 2021, this ensures the group has the necessary cash and liquidity to continue the successful delivery of its transformation plan," the company said.
Ted Baker shares were down 3.7% at 173.30 pence each in London on Tuesday.
By Scarlett Butler; scarlettbutler@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
