(Alliance News) - Card Factory PLC on Friday said it has agreed headline refinancing terms and added that trading since reopening stores in England and Wales earlier in April has been better-than-expected.
The greeting cards retailer said its performance since the reopening of stores in England and Wales on April 12 has exceeded its expectations, while shops in Scotland reopened at the beginning of the week and those in Northern Ireland open up on Friday.
The firm added that it has agreed headline terms for refinancing with its current syndicate of commercial lending banks and will issue a further update once terms are documented.
"Pending documentation of the revised facility terms, the banking syndicate has extended waivers in respect of anticipated covenant breaches to 31 May 2021, taking account of the company's cash flow projections, subject to certain conditions," said Card Factory.
Shares in the company were 6.3% higher at 83.42 pence each in London on Friday morning.
By Eric Cunha; ericcunha@alliancenews.com
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Card Factory (CARD)