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H&T Group PLC - Surrey-based pawnbroker and retailer of new and pre-owned jewellery and watches - Notes increase in the financing facilities provided by its ‘longstanding’ lender Lloyds Banking Group PLC. Expands total facility to £50 million from £35 million previously. This includes a £45 million revolving credit facility that expires in December 2025 and has the option to extend for up to two more years. It also has a £5 million overdraft facility that renews annually. The interest rate on the RCF is increased to 2.4 to 3.3 percentage points above the sterling overnight interbank average rate from 1.7 points. The overdraft keeps the existing terms of 1.7 points above the Bank of England base rate. There is no change to existing banking covenants. ‘This additional finance will be used to fund further growth in the pledge book and investment in the store portfolio,’ H&T says. Current stock price: 427.00 pence 12-month change: up 8.1% Copyright 2023 Alliance News Ltd. All Rights Reserved.
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