Fuller’s secures new £200m banking facilities

Fuller, Smith & Turner has successfully completed the refinancing of its debt facilities of £192m, which were due to mature in February next year.

The pub chain said on Wednesday that the new debt facilities consist of a £90m term loan and a £110m revolving credit facility provided by a syndicate of seven banks.

The new facilities have an initial maturity date of 31 May 2026 with an option to extend by a further year. They are unsecured, and the borrowing cost is determined by the level of company leverage.

Fuller’s said the initial borrowing cost is a "significant improvement" to the cost of the existing debt facilities.

The new facilities are £119m drawn, leaving £81m of undrawn facilities available "to support the future growth of the business", it said.