Business
Bank Facilities
Bank Facilities.
About this update from Smiths News Plc
[{"type":"text","content":"\n RNS Number : 9902R Smiths News PLC 01 September 2010 \n \n\n \n \n \nSmiths News PLC\nBank Facilities\n \nSmiths News PLC (the Group) announces that it has signed a new £135 million committed banking facility with a consortium of five relationship banks. The new facility has a final maturity date of 30 November 2014, with £10m repayable over the last three years and the balance at maturity. This will replace the existing facility of £85m that was due to mature in June 2011, thereby considerably extending the Group's debt arrangements.\n \nIn the light of the terms of the new facility and following a proportion of the debt being hedged into fixed rate finance it is anticipated that interest cost net of fees will increase from circa 3.4% in the current financial year to circa 4.8% during the first full year of the new facilities.\n \n \nEnquiries:\n\n\n\n\n\n\n\n\n\n\n\n\nSmiths News PLC\n\n\nTel: 01793 563641\n\n\n\n\nMark Cashmore, Group Chief Executive\n\n\n\n\n\n\n\nNick Gresham, Group Chief Financial Officer\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBuchanan Communications\n\n\nTel: 020 7466 5000\n\n\n\n\nMark Edwards / Jeremy Garcia\n\n\n\n\n\n\n\n \n \n\n\n\n\n\n\n\nAbout Smiths News PLC:\n \nSmiths News PLC comprises Smiths News, the UK's leading wholesaler of newspapers and magazines and Bertrams, a leading UK book wholesaler. The Company was formed on 1 September 2006 following the demerger of WH Smith PLC.\n \nSmiths News distributes newspapers and magazines on behalf of all the major national publishers as well as a large number of regional publishers. The business serves approximately 30,000 customers across England and Wales, supplying large general retailers as well as smaller independent newsagents. Smiths News has an approximate 55% share of the newspaper and magazine wholesaling market in the UK. In addition to its distribution activities, Smiths News collects and processes returns, supplies sales information to publishers and provides a range of services for its retail customers.\n \nBertrams, which was acquired on 20 March 2009, supplies books to a mix of independent booksellers, on-line and multiple retailers, and libraries. Bertrams has an approximate 45% share of the wholesale book market.\n&...