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