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Debenhams signs new £650m credit facility

Debenhams has completed the refinancing of its borrowing facilities, signing a new £650m credit facility.

CITY & CORPORATE

Debenhams signs new £650m credit facility

The new £650m senior facility comprises a £250m term loan and a £400m revolving credit facility expiring in October 2013 with an option to extend to October 2014.

Following a proportion of the debt being hedged into fixed rate finance it is anticipated that the interest cost net of fees will fall from around 7.0% in the current financial year to circa 4.5% during the first full year of the new facilities

The lead arrangers were Barclays Capital, Lloyds Banking Group and Royal Bank of Scotland.

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