Findel reaches agreement on £196.8 million amended, restated revolver

By Sara Rosenberg

New York, Feb. 11 - Findel plc is planning to obtain a £196.8 million amended and restated five-year revolving credit facility priced at Libor plus 300 basis points, according to a news release.

In addition, the company is working on a £105 million five-year securitization facility, also priced at Libor plus 300 bps, and a roughly £80.5 million right issue and placing.

Proceeds from the new debt facilities will be used to refinance existing debt, and £40 million of the net proceeds from the rights issue will be used to prepay debt and cancel availability under the company's existing revolver.

In addition, £40 million of debt under the existing revolver will be released and the corresponding commitments canceled in consideration for the allotment and issue of 166.9 million convertible shares to the lenders.

Findel is a U.K.-based multi-channel retailer.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.