STV Group renews bank facility until March 2016
STV Group has renewed its £70m bank facility with Bank of Scotland plc, Barclays Corporate and Santander, which will include a term loan of £37.5m and £32.5m revolving credit and overdraft facility, with 31 December 2014 maturity dates.
The company’s existing bank facility will end on 31 December this year, and the new facility will provide an extension until March 2016, subject to lender approval and STV’s licences being confirmed ahead of 31 December 2013.
George Watt, chief financial officer, said: “We are very pleased to have successfully renewed our bank facilities in the current market conditions. These new facilities will provide the Group with certainty in the medium to long term and flexibility to continue to pursue our growth ambitions.”