(Sharecast News) - Ted Baker has refinanced with its existing lenders, the fashion brand announced on Tuesday.
The group confirmed it had agreed an extension to its revolving credit facility with its existing lending syndicate.
The existing facility of £108m, which matures September 2022, and a restricted facility of £25m maturing in January 2022, are being replaced by a new revolving credit facility of £90m, reducing to £80m in January 2022 and maturing in November 2023.
Ted Baker said: "Combined with Ted Baker's strong net cash position of £66.7m 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 refinancing also includes amendments to covenant tests related to earnings, which Ted Baker said gave it further financial flexibility.
On Monday, Ted Baker - which has seen sales plunge during the pandemic - pushed back publication of its results to June. It had planned to publish full-year numbers on 27 May, and blamed the delay on disruption to audit work caused by Covid-19.
The group is expected to post pre-tax losses of around £78m on revenues of around £340m. Sales have been hit by store closures as well as a slump in demand for work and party wear.
As at 1330 BST, shares in Ted Baker were 3% at 174.1p.
23 Feb 2022 10:57
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