Fuller's secures new £200m banking facilities
By Michele Maatouk
Date: Wednesday 01 Jun 2022
(Sharecast News) - Fuller, Smith & Turner has successfully completed the refinancing of its debt facilities of £192m, which were due to mature in February next year.
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.
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10 Lower Thames St,
London EC3R 6EN