JJB Sports Draws Down GBP50,000,000 Facilities
June 03 2009 - 10:54AM
Dow Jones News
JJB Sports PLC (JJB.LN) announced Wednesday that it has drawn
down on its new GBP50M facilities provided by Bank of Scotland plc
(BoS) and Barclays Bank PLC (BARC.LN) to refinance its existing
facilities with those banks and repay in full its short term loan
with Kaupthing Singer & Friedlander Limited (in
administration).
MAIN FACTS:
-As part of the refinancing, the standstill arrangements which
have been in place since December 2008 between the Company and its
three lenders have been terminated.
-BoS has provided a GBP25,000,000 revolving working capital
facility which terminates on Sep. 30, 2010.
-Barclays has provided a GBP25,000,000 short term loan which is
repayable in full on Aug. 31.
-It is intended that the Barclays facility will be repaid from
the deferred consideration to be received in relation to the
disposal of the Fitness Clubs business, as referred to in the
announcement of Mar. 25.
-In accordance with the terms of the BoS facility, the Company
has Wednesday also issued 11,287,434 warrants to subscribe for
ordinary shares in the Company to Uberior Trading Limited, an
affiliate of BoS.
-By London Bureau, Dow Jones Newswires; +44 (0)20 7842 9296; ian.walker@dowjones.com