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Fuller refinances with £200 million new debt facilities due 2026
By Marisa Wong
Los Angeles, June 1 – Fuller, Smith & Turner plc announced it completed the refinancing of its £192 million of debt facilities set to mature in February 2023 with £200 million of new debt facilities due May 31, 2026.
The new facilities consist of a £90 million term loan and a £110 million revolver provided by a syndicate of seven banks, according to a news release.
The new loans may be extended by one additional year.
The borrowing cost is determined based on company leverage and is initially 285 basis points over Sonia, a significant improvement to the cost of the existing debt facilities, the company noted.
The new facilities are £119 million drawn, leaving £81 million available to support the future growth of the business.
The London-based company owns and operates pubs, inns and hotels across the south of England.
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