Frasers secures new financing worth up to GBP3.5 billion

(Alliance News) - Frasers Group PLC on Thursday said it has agreed a new term loan and revolving credit facility to replace its existing financing facilities of GBP1.65 billion.

The Shirebrook, England-based owner of the House of Fraser, Sports Direct and Flannels brands said the new facility will provide it with access to borrowings of up to GBPP3.0 billion.

The new facility is valid for three years, with two one-year extension options for a total length of up to five years. It also includes an accordion option to increase the facility by up to GBP500 million at the lender's discretion.

"The group believes the substantial increase in the total facility demonstrates significant support from the banking industry for the success and strength of the group and its elevation strategy," Frasers said.

Shares in Frasers were down 0.2% at 684.00 pence in London on Thursday morning.

By Michael Hennessey, Alliance News reporter

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