Pets at Home strikes £260m refinancing deal
PET retailer Pets at Home has agreed a five-year £260m revolving credit facility.
It carries a rate of LIBOR +1.5% and replaces the group’s existing £325m facility which carried a rate of LIBOR +1.9%.
The Handforth, Cheshire-headquartered company says the new facility is expected to reduce group net financing expense on the income statement by approximately £2.7m a year.
It is expected the differential balance between the two facilities will be settled from the group’s existing cash resources.
Capitalised fees associated with the previous facility will be reflected as an exceptional charge to the income statement of about £4.3m in the 2016 financial year.
Pets at Home’s year end trading statement for 2015 will be released on April 21.
