WH Smith PLC on Wednesday said it has completed its refinancing, with a £400 million revolving credit facility.
WH Smith is a books and stationary retailer that operates on UK high streets as well as in travel locations such as airports and train stations globally. It is based in London.
The company’s existing £363 million lending facilities, which includes a £250 million and a £113 million term loan, have been cancelled and repaid.
This repayment, WH Smith said, has been funded by drawings under new facilities consisting of a £400 million RCF. It added that the new RCF is a sustainability linked loan finance facility.
The facility is for a five-year term with two uncommitted extension options of one year each.
The RCF has been provided by a syndicate of banks: Barclays PLC, BNP Paribas SA, Citigroup Inc, Fifth Third Bank, HSBC Holdings PLC, JPMorgan Chase & Co, PNC Financial Services Group Inc, Banco Santander SA and SEB Group.
Chief Financial Officer & Chief Operating Officer Robert Moorhead said: ‘The new facilities, which are on improved terms, support our strategic ambitions to grow our global travel retail business. We look forward to working with our banks to deliver the significant growth opportunities in our global travel retail markets.’
Shares in WH Smith were up 0.1% to 1,647.00 pence each in London early Wednesday.
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