Frasers Group has replaced its current financing facilities with a new £3bn term loan and revolving credit facility from its banks.
The current facilities of £1.65bn – excluding a securitised loan to Frasers Group Financial Services – will be replaced by the new facility, which is valid for three years with two one-year extension options for a total tenor of up to five years.
The facility includes an accordion option to increase this facility by up to £500m, at the lenders’ discretion.
Mike Ashley’s retail giant already owns House of Fraser, Sports Direct, Evans Cycles, Game and USC, as well as stakes in THG, ASOS, Hugo Boss and Currys.
In April it upped its stake in Matthew Moulding’s THG, while at the start of the year it failed in its attempt to have boohoo co-founder Mahmud Kamani removed as a director following a highly publicised months-long row.
“The group believes the substantial increase in the total facility demonstrates significant support from the banking industry for the success and strength of the group and its elevation strategy,” read a notice to the London Stock Exchange.
Last week Frasers withdrew its intention to acquire Revolution Beauty after weighing up an all-cash cut-price deal.