Card Factory agrees terms of refinancing with its current banking syndicate
Card Factory said it has made good progress in using its positive cash flows to reduce overall debt.
Consequently, it has agreed revised terms on reduced facilities of £150 million, the company said.
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Hide AdAs of 31 March 2022, the group's net debt, excluding lease liabilities, was £79 million. The revised facilities include a £100m revolving credit facility (RCF), substantially on the same terms as the previous RCF, subject to revised financial covenants, available until September 2025.
The board has no current intention of completing an equity raise.
Darcy Willson-Rymer, Chief Executive, said: "I am pleased to be able to announce the successful completion of Card Factory's refinancing today. This is an important milestone for our business, ensuring we have the financial foundations in place to capitalise on the opportunities ahead.
"We are now well positioned to continue our strategic transition from a store-led card retailer to a market leading omnichannel retailer of cards and gifts. I look forward to updating you on our progress at our full year results next month."