DFS secures new £250m credit facilities

Doncaster-based DFS Furniture plc announced the successful completion of a new £200 million revolving credit facility (RCF) and £50 million issue of US private placement (USPP) notes.

Together, these replace an existing £215 million RCF.

“The £200m RCF which has been agreed with existing banking partners, will mature in September 2027 and includes an option to extend a further 16 months subject to lenders’ agreement,” said DFS.

“The terms of the RCF are in line with the previous £215m facility and are consistent with those applicable to the £50m USPP notes.

“The notes will mature in September 2028 (£25m) and September 2030 (£25m).”

DFS CFO John Fallon 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.”