Card Factory secures £200m in refinancing


CARD factory, the budget greetings cards chain which floated on the London Stock Exchange last month, said yesterday it has completed a £200m refinancing. The group said the refinancing deal, which it set out last month at the time of the float, includes a £180m term loan facility and a £20m revolving facility, both with a five-year maturity. Card Factory, which has 700 stores, raised £90m through its initial public offering, which it used to pay down its £160m debt-pile and bring down financing costs. Shares in the retailer rose 3.5 per cent to 207p yesterday but are still below their 225p offer price.

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