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Smith News amends and extends credit facility
By Mary-Katherine Stinson
Lexington, Ky., Dec. 23 – Smith News plc amended and extended its credit facility with a syndicate of existing lenders, according to an announcement.
An agreement was reached with HSBC, Barclays, Santander and Clydesdale to extend the maturity of the loan to Aug. 31, 2025 from November 2023.
The facility now consists of a £60 million amortizing term loan and a revolving credit facility with an initial limit of £30 million.
The initial margin is 425 basis points over Sonia which will reduce to 400 basis points over Sonia after six months.
The facilities will amortize down to a maximum of £41.5 million over the loan period.
In addition, the new facility increases the cap on dividends and distributions to £10 million from £6 million for each financial year of the agreement.
Headquartered in Swindon, England, Smith News is the United Kingdom’s largest distributor of newspapers and magazines.
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