Fuller’s secures new £200m banking facilities
Fuller Smith & Turner
624.00p
16:35 18/12/24
Fuller, Smith & Turner has successfully completed the refinancing of its debt facilities of £192m, which were due to mature in February next year.
FTSE All-Share
4,478.99
16:59 18/12/24
FTSE Small Cap
6,817.10
16:34 18/12/24
Travel & Leisure
9,282.22
16:34 18/12/24
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.