Entertainment retailer Game has refinanced and extended its borrowing facilities to June 2012.
The retailer has agreed a £175m three year facility which will mature in June 2012 and replaces the £125m facility set to expire in May 2010.
The facility, which is with a syndicate of five banks and includes existing lenders, comprises a £50m term loan and a £125 million multi-currency revolving credit facility. The retailer said the new arrangement will “repay the existing facility and cover working capital requirements and increase financial flexibility for the future”.
Group finance director Ben White said: “It is pleasing that the new facilities have been secured from a combination of banks with whom we have enjoyed a long term banking relationship such as RBS and Barclays, and new lenders that have recognised the group’s leading PC and video games proposition both in the UK and internationally.
“The facilities further enhance an already strong balance sheet profile.”
Game will announce its interim results on September 23.