STV Group plc announces renewal of bank facilities

Tagged in: RNS Announcements
STV Group plc today announces that it has secured a new 5 year revolving credit and overdraft facility for £60million with a maturity date of June 2019.  This replaces the previous £57.5million facility and will result in a lower interest margin being payable reflecting the strong trading position and normalised balance sheet of the Group.

The new facility is provided by Santander UK plc and Barclays Bank plc and carries standard covenant arrangements, including interest cover and net debt:EBITDA ratio tests.  The facility will provide headroom for the ongoing needs of the Group whilst providing flexibility to continue to pursue the growth strategy.

George Watt, Chief Financial Officer, said: “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.  I look forward to continuing our relationship with Santander and Barclays.”

STV will be hosting an event for analysts and investors at 12:30pm today at which no new material trading or financial information will be disclosed.

STV Group plc
Eleanor Marshall, PR & Communications Manager   0141 300 3670

Instinctif Partners
​Jamie Ramsay 020 7457 2020