LONDON (ShareCast) - (Sharecast News) - Online greeting card and gift retailer Moonpig and media group Future both said on Monday that they had no material exposure to SVB UK.
Moonpig said it has no cash on deposit with SVB UK and does not hold a bank account with them.

"SVB UK is one of ten lenders that provide senior debt facilities to the group as part of a strong banking syndicate," it said, adding that the company has significant liquidity headroom.

Utilised and available facilities together total £242m, which are committed until 8 December 2025. This excludes the £13m undrawn portion of SVB UK's commitment.

Meanwhile, Future said its exposure to SVB was immaterial to the group's liquidity. As at 10 March, cash deposits with SVB accounted for less than 3% of its cash on hand, equivalent to less than £1m, it said.

It noted that SVB also provided £50m of its £900m total debt facilities. Of this £50m, around 48% is currently drawn.

"The group backed by a strong banking syndicate, has access to significant levels of liquidity," Future said.

As at 10 March, it had access to £26m cash on hand and £438m of undrawn committed facilities excluding SVB's undrawn hold.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE