Halfords completes debt refinancing

12th Sep 2013 09:43

Automotive and bicycling retailer Halfords has completed the promised refinancing of its debt facilities. Halfords said it had secured a new smaller revolving credit facility of £200m, which will mature in November 2017. The previous facility was due to expire on November 2014, and the last annual report showed bank and similar interest payments of £0.2m. The FTSE 250 group pointed out that the financial covenants remain unchanged from the previous £300m facility.Halfords also said it retained the option to extend this facility by a further year. Final results on reported that net debt at the March 29th year-end was down £28.6m to £110.6m, with the ratio of net debt to earnings before interest, tax, depreciation and amortisation (EBITDA) remaining at 1.1:1. Shares in Halfords were down 0.25% at 403.5p at 09:52 on Thursday. OH