DFS agrees £250m of new credit facilities
DFS Furniture has agreed £250m of new credit facilities.
The facilities comprise a £200m revolving credit facility and £50m of bonds issued to private investors.
The £200m revolving credit facility has been agreed with the furniture retailer’s existing banking partners and will mature in September 2027. It includes an option to extend for a further 16 months, subject to the lenders’ agreement. The loan’s terms are in line with DFS’ previous £215m revolving credit facility as well as the private placement notes, which mature in September 2028 and September 2030.
John Fallon, DFS’s chief financial officer, said: “The successful renewal of our lending facilities is a strong positive endorsement of the confidence the group maintains with our long term banking partners and the wider credit market. It provides additional liquidity over the longer term as well as flexibility to pursue all our strategic objectives.”
In July, DFS said it took a record market share of 38% for the 2023 financial year, benefitting from leading brands, scale, and its retail proposition.