// WHSmith has finished its bank refinancing after securing a £400m sustainability linked facility
// The funds will be used to fuel its travel store expansion
WHSmith has refinanced after securing a £400m sustainability-linked facility as it looks to fuel its global growth.
The retailer completed the refinancing of its existing £363m lending facilities, which have been cancelled and repaid.
The funds will be used to fuel expansion in its fast-growing travel business.
Currently, 70% of group sales and around 85% of profit come from this division, with sales surging 31% in its quarter to 27 May.
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The retailer, which recently raised its profit expectations due to resurgence in passenger numbers, has won more than 120 new travel stores this year, including 60 in North America.
WHSmith chief financial officer and chief operating officer Robert Moorhead said: “The new facilities, which are on improved terms, support our strategic ambitions to grow our global travel retail business. We look forward to working with our banks to deliver the significant growth opportunities in our global travel retail markets.”
The company’s new five-year revolving credit facility has been provided by a syndicate of banks such as Barclays, BNP Paribas, Citi Commercial Bank, Fifth Third, HSBC, JP Morgan, PNC, Santander and SEB.
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