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LONDON, May 25 (Reuters) - Struggling British fashion
retailer Ted Baker has refinanced by extending a
revolving credit facility with its existing syndicate of lending
banks, it said on Tuesday.
The group said that under the new agreement a facility of
108 million pounds ($153 million) maturing in September 2022 and
a restricted facility of 25 million pounds maturing in January
2022, will be replaced by a new facility of 90 million pounds
reducing to 80 million pounds in January 2022 until maturity in
November 2023.
Ted Baker, which has seen sales plunge during the COVID-19
pandemic, said the amended facility includes changes to covenant
tests related to earnings.
It said that when combined with its net cash position of
66.7 million pounds at the end of its financial year to Jan. 30
2021, the group has the necessary cash and liquidity to execute
its turnaround plan.
On Monday, Ted Baker pushed back publication of its full
year results from May 27 to June 10. It said the results will be
in line with consensus expectations.
Shares in Ted Baker closed Monday at 180 pence, valuing the
business at 332 million pounds.
($1 = 0.7055 pounds)
(Reporting by James Davey, editing by Louise Heavens, Kirsten
Donovan)
