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Card Factory refinances for £200 million of facilities at lower rates
By Marisa Wong
Madison, Wis., June 2 - Card Factory plc said it completed a refinancing of its existing senior bank facilities, resulting in a significant reduction in the interest payable.
The new senior bank facilities include a £180 million term loan facility and a £20 million revolving facility, both with a five-year maturity.
The initial applicable margin, based on EBITDA leverage, is 200 basis points on the term loan and 175 bps on the revolver.
Taking into account proceeds from its initial public offering, the company had net debt of £160 million on May 20, the date its shares were admitted to listing on the London Stock Exchange. That amount represents roughly 2 times underlying EBITDA for the year ended Jan. 31.
Card Factory is a specialist retailer of greeting cards based in Wakefield, England.
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