Ted Baker said it has signed an extension to its revolving credit facility (RCF) with its existing lending syndicate.
Under the new terms, the existing RCF of £108m maturing in September 2022 and restricted RCF of £25m maturing in January 2022, will be replaced by a new RCF of £90m reducing to £80m in January 2022 until maturity in November 2023.
The retailer, which sells lifestyle goods and clothing, said the new agreement combined with a net cash of £66.7m at the end of the financial year 30 January 2021 – ensures the group has the necessary funds to continue the “successful delivery” of its transformation plan.
The amended RCF includes amendments to the adjusted EBITDA covenant tests, which Ted Baker states will provide “further financial flexibility” for the group.
Yesterday (24 May), Ted Baker announced that it would delay the publishing of its preliminary results for the 53 weeks ended 30 January.
At the time, the group blamed “disruption to the audit process” brought on by Covid-19.
Ted Baker confirmed that its full financial results will be published on 10 June 2021.