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23 Jul 2010 10:48
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HMV Group plc Refinancing
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HMV Group plc today announces that it has completed the refinancing of its Β£240 million revolving credit facility with its existing group of eight banks.
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The new facility expires on 30 September 2013 with an option to extend to 30 September 2014. Associated refinancing costs of around Β£3 million will be capitalised and amortised over the life of the new facility.
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The key terms and conditions of the facility remain unchanged, including the covenants and the margin on drawings, currently LIBOR +2.25%. In addition, a variable utilisation fee of up to 0.5% is now payable dependent on the level of facility drawdown.
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Neil Bright, Group Finance Director, commented:
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"We are delighted to have completed the refinancing more than a year in advance of the expiry of the existing facility in October 2011. The new facility ensures the Group, which remains a highly cash generative and profitable business, is on a strong financial footing for the future, as we continue to deliver our programme of net debt reduction over the coming years."
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Contacts:
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Neil Bright, Group Finance DirectorΒ
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Paul Barker, Director of Corporate Communications 01628 818 300
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About HMV Group
HMV Group plc is one of the world's leading retailers of music, video and electronic games and the leading bookseller of the books in the United Kingdom and Ireland in terms of total sales. Through the HMV Live division, the Group is a leading owner-operator of live music and entertainment venues in the UK, including the HMV Hammersmith Apollo, HMV Forum and HMV Picture House, live music festivals, artist management and ticketing.
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