Last checked at 15 Apr 2015 07:00
FOR IMMEDIATE RELEASE, 15 APRIL 2015
Pets at Home Group Plc
Announcement of refinancing
Pets at Home Group Plc, the UK's leading specialist retailer of pet food, accessories, pet-related products and services, today announces the closing of a new financing agreement for a five year, £260m revolving credit facility. At current leverage, the facility carries a rate of LIBOR +1.5%.
The facility replaces the Group's existing £325m of drawn facilities, which at current leverage, carried a rate of LIBOR +1.9%.
The new facility is expected to reduce Group net financing expense on the income statement by approximately £2.7m per annum at current leverage. It is expected that the differential balance between the two facilities will be settled from the Group's existing cash resources. Capitalised fees associated with the previous facility will be reflected as an exceptional charge to the income statement of approximately £4.3m in FY16.
The banking syndicate for the new facility comprises 10 lenders.
Pets at Home will release its FY15 year end trading statement on 21st April 2015.
Enquiries
Pets at Home Group Plc: +44 (0) 161 486 6688
Amie Gramlick, Head Of Investor Relations
Media Enquiries:
Pets at Home Group Plc: +44 (0) 161 486 6688
Brian Hudspith, Head Of Corporate Affairs
Brunswick (Public Relations Advisors to Pets at Home): +44 (0) 207 404 5959
Natalia Dyett
About Pets at Home
Pets at Home Group Plc is the UK's leading specialist pet omnichannel retailer and services provider.
Pets at Home operates from 392 stores located across the UK. The Group operates the UK's largest small animal veterinary business with 308 practices, run principally under a Joint Venture model using the Companion Care and Vets4Pets brand names. Pets at Home is the UK's leading operator of pet grooming services offered through its 160 Groom Room salons. The Group also owns and operates Ride-away, a specialist equine retail business with a York superstore, website and catalogue. For more information visit: http://investors.petsathome.com/