By Sabela Ojea
Card Factory PLC said Thursday that it has agreed on revised terms for reduced debt facilities as a result of progress it has made using cash flows to cut debt.
The U.K. retailer of greeting cards and other products said the debt facilities are now valued at 150 million pounds ($196 million). They were previously valued at GBP225 million.
The London-listed company said the commitment to its banks of raising net equity proceeds of GBP70 million by July 30 has been removed from the revised facilities. “The board has no current intention of completing an equity raise,” the company said.
Write to Sabela Ojea at [email protected]; @sabelaojeaguix
