3 Feb 2014 08:55
Smiths News PLC
('Smiths News' or "the Group")
AGREEMENT OF NEW BANK FACILITY
Smiths News, the largest UK newspaper and magazine wholesaler, a leading UK book supplier and a leading specialist distributor of consumable products to the education sector, today announces that it has refinanced and increased its existing bank facilities, extending the maturity of its debt to support the Group's medium-term funding requirements.
The Groups previous facilities were for a total of £174 million and were due to mature in November 2014. The new facility, provided by a strong syndicate of five banks, has increased to £200 million and will mature in November 2018, providing over four years of funding.
This new facility comprises a term loan (with limited amortisation) and a revolving credit facility with margin and covenants favourable against the previous facility.
Nick Gresham, Chief Financial Officer, said
"We are delighted by the strong support from our banking syndicate, which provides the Group with the financing we need to underpin Smiths News growth strategy for an extended maturity, on competitive terms."
Enquiries:
Smiths News PLC |
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Mark Cashmore, Group Chief Executive | Tel: 01793 563641 |
Nick Gresham, Chief Financial Officer |
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Buchanan |
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Jeremy Garcia / Gabriella Clinkard | Tel: 020 7466 5000 |
www.buchanan.uk.com
About Smiths News PLC:
Smiths News PLC comprises Smiths News, the UK's leading wholesaler of newspapers and magazines, Bertram Books, a leading UK book wholesaler and The Consortium, a leading independent distributor of consumable products to the education and care markets.
Smiths News distributes newspapers and magazines on behalf of all the major national publishers as well as a large number of regional publishers. The business serves approximately 30,000 customers across England and Wales, supplying large general retailers as well as smaller independent newsagents. Smiths News has an approximate 55% share of the newspaper and magazine wholesaling market in the UK. In addition to its distribution activities, Smiths News collects and processes returns, supplies sales information to publishers and provides a range of services for its retail customers.
Bertram Books supplies books to a mix of independent booksellers, on-line and multiple retailers, and libraries. Bertrams is a leading supplier of consumer and academic books in the UK and a growing player in international, digital and direct to consumer markets.
The Consortium supplies consumable products to approximately 30,000 customers across the education and care markets. The Consortium is a leading UK distributor with an approximate 5% share in a growing and fragmented market.