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United Kingdom : STV GROUP tapped two banks to get a new revolving credit & overdraft facility

June 5, 2014



STV Group PLC, a Scotland-based media firm, has disclosed on Wednesday that it has obtained a revolving credit and overdraft facility for GBP60 million from Santander UK and Barclays Bank PLC.

The company has also revealed that the newly secured five-year facility, which will be matured in June 2019, has replaced the earlier facility of GBP57.5 million, with a lower interest margin due because of its robust trading status and normalised accounts.

In a statement, the Chief Financial Officer George Watt revealed, "The new credit facility, which is provided at improved pricing representing the significant improvement in the net debt levels of the group, provides funding certainty and flexibility should this be required to support our future growth ambitions."

The shares of the Scottish media company were trading at 340.00 pence during early trade on Wednesday, reflecting a 1.2% decline from the previous close.


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Source: TendersInfo (India)