Very and Littlewoods brands group Very has extended its borrowing facilities, three months after the group was bought by Caryle.
As part of the refinancing, all note classes within the retailer’s UK securitisation facility have been extended, with maturities extended to 1 February 2029: the extension secures funding for the business for the next three financial years.
Very Group says the extension has also seen improved rates.
The group’s £150m super senior revolving credit facility has been renewed and extended to February 2030.
Very Group’s senior secured notes’ coupon rate has been lowered from 13.5% to 9.75% and maturity has been extended from August 2027 to August 2030. Carlyle has reduced debt by £150m.
‘Securing this long-term funding reflects the confidence of our lenders in the strength of our business. The combination of extended maturities, improved margins and further deleveraging provides a stable platform for continued investment in our digital and customer proposition, while maintaining a disciplined approach to balance sheet management,’ says Edward Fry, Very Group Edward Fry cfo.
‘The £150m capital support from Carlyle is a reflection of its strong and ongoing support for the business. This leaves us in a robust financial position and well placed to support future growth.’
