Business
Bank Facility Extension
Bank Facility Extension.
About this update from B&m European Value Retail Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n \n \n \n 3 April 2023\n \n \n \n \n \n \n B&M European Value Retail S.A.\n \n \n \n \n \n \n \n Bank Facilities Extension\n \n \n \n \n \n \n B&M European Value Retail S.A. (\"the Group\"), the UK's leading variety goods value retailer, announces that it has completed a refinancing of its bank facilities (\"Group Facilities\").\n \n \n \n \n \n The extended Group Facilities, provided by a syndicate of seven banks, total £450m of commitments and comprise a £225m term loan and a £225m revolving credit facility (\"RCF\") with a five-year maturity, plus two additional one-year extension options subject to mutual consent with the bank syndicate. Together these will fully cover our anticipated bank borrowing requirements and they replace the existing £300m term loan and £155m RCF that were expected to mature in April 2025. The thresholds on the financial covenant ratio and applicable interest margins are equivalent to existing levels but will now reflect and be calculated under IFRS16 accounting conventions.\n \n \n \n \n \n Due to the applicable terms of the security structure of the Group's borrowings, Heron Foods Limited and Heron Food Group Limited will now also act as guarantors of the Group Facilities and also the Group's outstanding £400m 2025 senior secured notes, and its £250m 2028 senior secured notes. The notification of the change to the security structure, that is contemporaneously being made to notes holders, is reproduced below for information.\n \n \n \n \n \n \n Enquiries\n \n \n \n \n \n \n \n \n \n B&M European Value Retail S.A.\n \n \n \n For further information please contact +44 (0) 151 728 5400\n \n \n Mike Schmidt, Chief Financial Officer\n \n \n Dave McCarthy, Head of Investor Relations\n \n \n \n \n [email protected]\n \n \n \n \n \n \n \n \n \n \n Media\n \n \n \n For media please contact +44 (0) 207 379 5151\n \n \n Maitland \n \n \n Sam Cartwright\n \n \n \n \n [email protected]\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n NOTICE TO HOLDERS OF NOTES ISSUED BY\n \n \n B&M European Value Retail S.A.\n \n \n \n \n \n \n \n \n \n £400,000,000 3.625% senior secured notes due 2025 (ISIN: XS2199627030)\n \n \n \n \...