Dixons on track to make £160m bond repayment
Europe’s second-biggest electrical goods retailer, said it was well placed to make a crucial £160m bond repayment this year and had agreed a new 300 million pound banking facility.
Shares in the firm, which trades as Currys and PC World in the UK, rose seven per cent after it said it was on course to redeem its 6.125 per cent bonds due 15 November.
Dixons, which earlier this month posted better-than-expected fourth quarter sales, also said it has agreed a 300 million pounds revolving credit facility with its syndicate of banks.
The agreement effectively extends the firm’s current facility, which was due to mature in 2013, until June 30 2015.
The facility, which has slightly relaxed covenants, will reduce in size to £200by September 2014.