HMV Group has completed the refinancing of its £240m revolving credit facility with its existing group of eight banks.
The new facility runs until Sptermber 30, 2013 with an option to extend to September 30, 2014. Associated refinancing costs of around £3m will be capitalised and amortised over the life of the new facility.
The key terms and conditions of the facility remain unchanged.
Neil Bright, group finance director, said: “We are delighted to have completed the refinancing more than a year in advance of the expiry of the existing facility in October 2011. The new facility ensures the group, which remains a highly cash generative and profitable business, is on a strong financial footing for the future, as we continue to deliver our programme of net debt reduction over the coming years.”
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