W H Smith extends financing arrangements after 'better than expected' sales

W H Smith extends financing arrangements after 'better than expected' sales

W H Smith has extended its bank financing arrangements, including extending two existing £200m term loans to October 2023, and reported a “better than expected” performance in the first part of 2021.

The retailer has also agreed a new minimum liquidity covenant - a provision requiring it to have a certain amount of cash on hand - for the August 2021 and February 2022 covenant tests. A previously agreed covenant waiver for February 2021 is unchanged. 

It said the changes had enabled the group to cancel its existing £120m liquidity loan which was undrawn and due to expire in November 2021. ...

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