Woolworths announces £385m refinancing

Woolworths has reached an agreement to refinance its bank revolving credit and other facilities with new four-year facilities totalling 385 million, reports

The Retail Bulletin

The new financing arrangements provide the Group with flexible long-term facilities which will enable its continued development, and in particular, support the growth in the Entertainment Wholesale businesses,” said Group finance director, Stephen East.

Of the 385 million, 350 will be jointly arranged and underwritten by Bank of Ireland subsidiary Burdale Financial and GMAC Commercial Finance, while the second lien loan of 35 million will be provided by ADM Capital.