Press releases
Refinanced bank facilities extended to June 2012
30/07/2009
GAME is pleased to announce that on 29 July 2009 the Group signed new borrowing arrangements for a £175m three year facility maturing in June 2012, replacing the £125m facility due to expire in May 2010. The facility is with a syndicate of five banks, including existing lenders (see note 1).
The facility comprises a £50m term loan and a £125m multi-currency revolving credit facility, at a margin range of between 250 and 300 basis points above the three month London Interbank Offered Rate (LIBOR). The new arrangement will repay the existing facility, and cover working capital requirements and increase financial flexibility for the future.
Commenting on the new facility Ben White, Group Finance Director, said:
“It is pleasing that the new facilities have been secured from a combination of banks with whom we have enjoyed a long term banking relationship such as RBS and Barclays, and new lenders that have recognised the Group’s leading PC and video games proposition both in the UK and internationally.
The facilities further enhance an already strong balance sheet profile.”
The Group will enter a close period on the 31st July 2009 in advance of the announcement of the Group’s Interim results on the 23rd September 2009.
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| Note 1: |
| The Royal Bank of Scotland Ltd (RBS) – Mandated Lead Arranger & Agent Barclays Bank plc – Mandated Lead Arranger Lloyds TSB Bank plc The Governor and Company of the Bank of Ireland Caixa d’Estalvis I Pensions de Barcelona |
| Enquiries: | |
The GAME Group plc: |
+44 (0)1256 784566 |
| Brunswick: Jonathan Glass Nina Coad Oliver Hughes |
+44 (0)20 7404 5959 |
