Frasers Group has replaced its current financing facilities with a new 拢3bn term loan and revolving credit facility from its banks.
The current facilities of 拢1.65bn – excluding a securitised loan to Frasers Group Financial Services – will be replaced by the new facility, which is valid for three years with two one-year extension options for a total tenor of up to five years.
The facility includes an accordion option to increase this facility by up to 拢500m, at the lenders鈥� discretion.
Mike Ashley鈥檚 retail giant already owns House of Fraser, Sports Direct, Evans Cycles, Game and USC, as well as stakes in THG, ASOS, Hugo Boss and Currys.聽
In April it upped its stake in Matthew Moulding鈥檚 THG, while at the start of the year it failed in its attempt to have boohoo co-founder Mahmud Kamani removed as a director following a highly publicised months-long row.
鈥淭he group believes the substantial increase in the total facility demonstrates significant support from the banking industry for the success and strength of the group and its elevation strategy,鈥� read a notice to the London Stock Exchange.
Last week Frasers withdrew its intention to acquire Revolution Beauty after weighing up an all-cash cut-price deal.