The British luxury brand has secured an extension to its revolving credit facility with its existing syndicate of lenders.
Under the new agreement, an existing facility of £108M maturing in September 2022 and restricted facility of £25M maturing in January 2022 will be replaced by a new facility of £90M. This new facility would reduce to £80M in January 2022 until maturity in November 2023.
The brand said: “The amended revolving credit facility includes among other changes amendments to the adjusted EBITDA covenant tests, providing further financial flexibility for the group.”
Ted Baker also commented that the refinancing agreement in conjunction with a ‘strong net cash position’ of £66.7M recorded at the end of the last financial year on January 30, means that the brand now ‘has the necessary cash and liquidity to continue the successful delivery of its transformation plan.”
Part of these plans will include the brand investing £6M in overhauling its e-commerce site in the next two years.
