DFS secures new £250 million credit facilities
DFS, the retailer of living room and upholstered furniture, has signed new credit facilities worth £250 million.
These include a £200 million revolving credit facility (RCF) and a £50 million issue of US private placement (USPP) notes. These will replace the retailer’s existing £215 million RCF.
Agreed with the retailer’s existing banking partners, the £200 million facility will mature in September 2027 and includes an option to extend a further 16 months, subject to lenders’ agreement. The terms are in line with the retailer’s previous £215 million facility and are consistent with those applicable to the £50 million notes.
Meanwhile, the notes will mature in September 2028 (£25 million) and September 2030 (£25 million).
John Fallon, DFS chief financial officer, said “The successful renewal of our lending facilities is a strong positive endorsement of the confidence the group maintains with our long-term banking partners and the wider credit market. It provides additional liquidity over the longer term as well as flexibility to pursue all our strategic objectives.”
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