STV Group plc renews bank facilities

Scottish broadcasting company STV Group plc has announced that is has entered into a substantial renewal of its banking facility ahead of STV Group’s preliminary results of 2011 due in February.


Scottish broadcasting company STV Group plc has announced that is has entered into a substantial renewal of its banking facility ahead of STV Group’s preliminary results of 2011 due in February. STV Group plc today announces that it has entered into a renewal of its £70.0m bank facility comprising a £37.5m term loan and £32.5m revolving credit and overdraft facility with 31 December 2014 maturity dates.  The term loan facility partially amortises across the facility term.

The facility has the possibility to be extended if the extension or renewal of STV’s broadcast licences are confirmed before December 2013, along with lender approval. The new facility is secured and is provided by Bank of Scotland plc; Barclays Corporate; and Santander UK plc.

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.”