Pub and hotels group Fuller’s has refinanced £193m of debt, which will be used to help support the growth of the business, said Fuller’s.
The new debt replaces a facility that was due to mature in February next year. It consists 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. The facilities are unsecured, and the borrowing cost is determined by the level of company leverage. The initial borrowing cost is 285 basis points over SONIA, which is a significant improvement to the cost of the existing debt facilities.
Some £119m of the new facility has already been drawn, leaving £81m available to support the future growth of the business, said Fuller’s.
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