ITV pays off 'significant proportion' of loan

6th Mar 2013 13:51

ITV, the FTSE 100 television company, announced Wednesday afternoon that it had that day repaid a 'significant proportion' of its 2019 bilateral loan. The group has repaid £138m of the £200m loan, and total savings in adjusted financing costs are expected to be around £50m over the remainder of the loan, which is equal to around £9.0m on an annualised basis. The exceptional loss will total £38m. ITV said the repayment of the loan was satisfied by a one-off £30m cash payment and the transfer of the gilts, which are currently the collateral for the loan.Ian Griffiths, ITV's Group Finance Director, said: "This repayment is consistent with our aim to increase the efficiency of our balance sheet and to make the best use of our cash." The share price was up 1.76% to 127.30p by 14:00 on Wednesday.NR