Improved Terms Support Global Travel Retail Growth Ambitions

  • WH Smith completes refinancing of £363m lending facilities
  • £400m sustainability-linked facility secured
  • Existing facilities cancelled and repaid
  • New RCF for a five-year term with two one-year extension options
  • Syndicate of banks provided the facility: Barclays, BNP Paribas, Citi Commercial Bank, Fifth Third, HSBC, JP Morgan, PNC, Santander and SEB

WH Smith has completed the refinancing of its existing £363m lending facilities, securing a £400m sustainability-linked facility. The group’s previous £250m revolving credit facility and £113m term loan have been cancelled and repaid. The new RCF has a five-year term with two uncommitted extension options of one year each, potentially extending the tenor to six or seven years if exercised. Robert Moorhead, group chief financial officer and chief operating officer, expressed delight at the completion of the refinancing, stating that the improved terms support their strategic ambitions for global travel retail business growth. The facility was provided by a syndicate of banks including Barclays, BNP Paribas, Citi Commercial Bank, Fifth Third, HSBC, JP Morgan, PNC, Santander and SEB.

Factuality Level: 10
Factuality Justification: The article provides accurate and objective information about WH Smith’s refinancing of its existing lending facilities, the amount of the new sustainability-linked facility, the cancellation and repayment of the previous facilities, the term of the new RCF, the banks involved in providing the facility, and the group chief financial officer’s statement on the refinancing.
Noise Level: 2
Noise Justification: The article provides relevant information about WH Smith’s refinancing of its existing lending facilities and includes a statement from the group’s chief financial officer. It is concise and stays on topic without diving into unrelated territories.
Financial Relevance: Yes
Financial Markets Impacted: WH Smith’s refinancing of its existing lending facilities impacts its financial position and relationship with banks such as Barclays, BNP Paribas, Citi Commercial Bank, Fifth Third, HSBC, JP Morgan, PNC, and SEB.
Financial Rating Justification: This article discusses WH Smith’s refinancing of its existing lending facilities, which involves a significant amount of money and impacts the company’s financial position and relationships with banks. It also mentions the involvement of various financial institutions in providing the new facility.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: Nil
Extreme Rating Justification: No extreme event mentioned in the article

Reported publicly: www.retailsector.co.uk