Carphone Warehouse signs £650 million refinancing deal
Mobile phone retailer Carphone Warehouse has signed a £650 million refinancing deal with its banks to help fund its recent acquisition of Best Buys 50% interest in the Carphone Warehouse Europe joint venture.
The group has completed the syndication of a £400 million Revolving Credit Facility and a £250 million term loan in what is one the largest underwritten deals in the UK so far this year.
Barclays, the joint underwriter, book-runner and mandated lead arranger for the deal, said the funds would also support the group’s day-to-day working capital needs.
Kevin O'Sullivan, director in the Barclays retail and wholesale team, said: “Carphone Warehouse has consistently demonstrated an outstanding ability to perform successfully in a very competitive space. Our established relationship with the group ensured we were able to tailor and deliver this facility in a timely fashion as it looks to its future."
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