Card Factory agrees on revised £150m refinancing
The retailer’s board said that it has no current intention of completing an equity raise
Card Factory has confirmed it has completed a £150m refinancing of the group, as it continues to take action to reduce its £79m debt.
The financing includes a £100m revolving credit facility (RCF), which is available until September 2025; a £11.25m term loan facility; a £18.75m term loan facility, to be repaid in six quarterly instalments of £1.75m; and in aggregate, a balance of £20m CLBILS facilities.
It follows an agreement on revised terms from a previous £225m facility. A previous commitment to the group’s banks to raise net equity proceeds of £70m by 30 July 2022 has been removed from these revised facilities.
The retailer’s board added that it has no current intention of completing an equity raise.
Darcy Willson-Rymer, CEO, said: “I am pleased to be able to announce the successful completion of Card Factory’s refinancing today. This is an important milestone for our business, ensuring we have the financial foundations in place to capitalise on the opportunities ahead.
“We are now well positioned to continue our strategic transition from a store-led card retailer to a market leading omni-channel retailer of cards and gifts. I look forward to updating you on our progress at our full year results next month.”
