Ted Baker today said it has refinanced by extending its revolving credit facility with lenders.
Under the new agreement, a facility of £108m maturing in September 2022 and a restricted facility of £25m maturing in January 2022 will be replaced by a new facility of £90m reducing to £80m in January 2022 until maturity in November 2023.
Ted Baker said the new agreement, combined with its net cash position of £66.7m at the end of the year to the end of January, will ensure it has the necessary cash and liquidity to deliver its transformation plan.
The amended revolving credit facility includes changes to the adjusted Ebitda covenant tests, which the company said would provide further financial flexibility.
It comes after the retailer yesterday delayed the publication of its annual results, blaming Covid for delays in the audit process.
The company said its figures for the year to the end of January will now be published on 10 June, rather than 27 May.
“The revised date was determined in discussion with BDO, the group’s auditor, with the agreement of the Ted Baker board, and is a consequence of disruption caused by Covid on the audit processes,” it said in a statement.
Ted Baker said its results would be in line with expectations and reiterated its financial targets for the full year to January 2023.