The bank facility extension, which has a maturity date of June 2022, extends the previous facility agreement which was due to end in June 2019.
Santander UK plc has increased its commitment to provide £40million, with Barclays Bank plc providing the remaining £20million. The extended facility, which carries standard covenant arrangements, includes interest cover and net debt: EBITDA ratio tests.
The facility will provide headroom for the Group’s ongoing requirements as well as the flexibility to capitalise on future development opportunities.
George Watt, Chief Financial Officer of STV Group plc, said: “We are pleased to have agreed this bank facility extension which has been reached through our ongoing close relationships with both Santander, which has become the Group’s largest lender as well as providing retail banking services, and Barclays.”
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