Frasers Group has refinanced nearly £1bn in bank facilities as it seeks to continue its Elevation Programme.
It will be able to access credit facilities and a term loan totalling £930m to support its growth ambitions. Frasers Group is on an ambitious elevation strategy and continues to invest significantly across its portfolio of retail fascias and digital platforms.
Jointly led by HSBC UK and backed by several other lenders, the deal refinances £913.5m of existing loan facilities and adds £16.5m in new funding. It is the largest bank funding package to be secured in the British retail sector this year.
Chris Wootton, Chief Financial Officer at Frasers Group, said: “Partners like HSBC UK, will allow us to continue with our commitment to the UK high street and retail sector – investing significantly into the future with our on-going elevation strategy that fuels our long-term growth.”
Richard Bacon, relationship director at HSBC UK, added: “The retail sector is undergoing immense change and it is crucial for retailers to have the capability and flexibility to evolve. Frasers Group has a clear plan in place and this substantial package is evidence of our support for, and confidence in, its future direction.”