Electricals giant Dixons has extended a £300m revolving credit facility for two years.

The retailer, owner of Currys and PC World, has struck the arrangement with a syndicate of banks.

Dixons said that the new deal effectively its current facility, which was due to mature next year, until June 30 2015.
The retailer disclosed: “In line with the group’s expected requirements and objectives, the facility will reduce in size over its life to £200 million by September 2014.  

“This facility provides the appropriate level of committed financing for the group’s needs and the financial covenants have been slightly relaxed, reflecting the Group’s improving cash generation.”

Dixons said it is “on track” to redeem its £160m of bonds, due this November.