The new facility is effective immediately and matures on 30 November 2012. The total facility is for £42m, comprising a term loan of £15m and a revolving credit facility of up to £27m.
During the three years to 30 September 2008 the Group reduced its net bank debt by 45% and has complied at all times with all covenants under the previous banking facility.
Future’s interim results will be announced on 20 May 2009.
About Future
Future says: “Future plc is an international special-interest media group that is listed on the London Stock Exchange (symbol FUTR). Founded in 1985 with one magazine, today we have operations in the UK, US and Australia creating over 180 special-interest publications, websites and events for people who are passionate about their interests. We hold strong market positions in games, film, music, technology, cycling, automotive and crafts. Our biggest-selling magazines include T3, Total Film, Digital Camera, Fast Car, Classic Rock, Guitar World, Official Xbox Magazine, Official Playstation Magazine, Nintendo Power, Maximum PC and MacLife. Our websites include gamesradar.com, bikeradar.com, techradar.com, and musicradar.com. Future sells over 4 million magazines each month; we attract more than 20 million unique visitors to our websites; and we host 25 annual live events that attract hundreds of thousands of enthusiasts. In addition, Future exports, syndicates or licenses its publications to 90 countries internationally, making us the UK's number one exporter and licensor of monthly magazines.”
