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Sports Direct successfully refinanced its banking arrangements
10 Mar '11
1 min read
Sports Direct International plc, the UK's leading sports retailer, announces that it has successfully refinanced its banking arrangements. The new three year unsecured facility is for £220 million through a club of ten banks led by HSBC, Barclays and Handelsbanken.
The facility has the normal associated banking covenants and the level of interest cost is dependent upon the Group's level of borrowing and profitability. At the Group's current level of debt, the interest rate payable is 175 basis points over LIBOR.
In March 2010 the Competition Commission formally cleared Sports Direct's acquisition of 31 stores from JJB Sports plc. In October 2010 the Serious Fraud Office completed its investigation into Sports Direct and JJB Sports, bringing no charges against any company or companies within their corporate groups but continued the investigation in relation to individuals. We can confirm that no individuals connected to Sports Direct International plc are under investigation.
Dave Forsey, Chief Executive of Sports Direct International plc, said:
"We are delighted to announce the refinancing of the Group's banking arrangements and would like to thank our new banks for their support. The facility provides the Group with ample funding to pursue its business and strategic objectives."
The facility has the normal associated banking covenants and the level of interest cost is dependent upon the Group's level of borrowing and profitability. At the Group's current level of debt, the interest rate payable is 175 basis points over LIBOR.
In March 2010 the Competition Commission formally cleared Sports Direct's acquisition of 31 stores from JJB Sports plc. In October 2010 the Serious Fraud Office completed its investigation into Sports Direct and JJB Sports, bringing no charges against any company or companies within their corporate groups but continued the investigation in relation to individuals. We can confirm that no individuals connected to Sports Direct International plc are under investigation.
Dave Forsey, Chief Executive of Sports Direct International plc, said:
"We are delighted to announce the refinancing of the Group's banking arrangements and would like to thank our new banks for their support. The facility provides the Group with ample funding to pursue its business and strategic objectives."
Sports Direct International plc
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