Ted Baker secures bank refinancing

British luxury brand Ted Baker has signed an extension to its revolving credit facility with its existing lending syndicate.

Under the new agreement, Ted Baker’s existing facility of 108 million pounds maturing in September 2022 and a restricted facility of 25 million pounds maturing in January 2022 will be replaced by a new facility of 90 million pounds.

The new facility will reduce to 80 million pounds in January 2022 until maturity in November 2023.

Ted Baker said the new facility, combined with a net cash position of 66.7 million pounds at the end of the financial year 30 January 2021, “ensures the group has the necessary cash and liquidity to continue the successful delivery of its transformation plan”.

It comes after Ted Baker announced Monday it would delay the release of its full-year results by two weeks to June 10.