LONDON (ShareCast) - (ShareCast News) - UK based digital media firm STV Group announced on Friday it had secured an extension of its £60m revolving credit and overdraft facility.
With a maturity date of 2022, the extension goes beyond the previous facility agreement which was due to end in June 2019.

Santander agreed to increase its commitment to £40m, with Barclay's upping STV's credit to £20m.

Both carry standard covenant arrangements, including interest cover and net debt to EBITDA ratio tests.

STV planned to use the extended facility to capitalise on future development opportunities.

George Watt, chief financial officer of STV Group, said: "We are pleased to have agreed this bank facility extension which has been reached through our ongoing close relationships with both Santander, which has become the Group's largest lender as well as providing retail banking services, and Barclays."

As of 1040 BST, shares had slumped 2.48% to 370.25p.

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