Frasers Group secures £930m in funding
The new facility will provide the Group with access to borrowings of up to an aggregate amount of £930m
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Frasers Group has announced that it has entered into a new term loan and revolving credit facility with its banks, which replaces its existing facility of £913.5m.
It revealed the new facility, which is valid for three years (with 2 one year extension options for a total tenor of up to five years), will provide the group with access to borrowings of up to an aggregate amount of £930m.
The facility includes an accordion option to increase this facility to £1.2bn.
The news comes after a restructuring of the company’s hierarchy earlier this year, as Michael Murray replaced Mike Ashley as CEO.
The company has endured a tumultuous year, warning in April that it expected to take a hit in excess of £200m due to the impact of Covid-19 – double what the retailer predicted in February.
