UK-based furniture retailer DFS has announced the successful completion of a new £200 million revolving credit facility (RCF) and a £50 million issue of US private placement (USPP) notes on Thursday. This new funding, which replaces the company's existing £215 million RCF, will enable DFS to pursue its strategic objectives.
The £200 million RCF, agreed with existing banking partners, is set to mature in September 2027. It includes an option to extend for a further 16 months, subject to lenders' agreement. The terms are consistent with DFS's previous RCF and the newly issued £50 million USPP notes.
The USPP notes will mature in two tranches: £25 million in September 2028 and another £25 million (£1 = $1.2473) in September 2030.
John Fallon, the group's chief financial officer, expressed his confidence over the successful renewal of the lending facilities. He said that it not only endorses the confidence the group maintains with its long-term banking partners but also provides additional liquidity over the longer term.
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