British books, newspaper and stationery retailer WH Smith said on Monday it had secured new lending facilities of £120 million (€136.3 million) to get it through the coronavirus crisis, which are conditional on raising new equity.
As a result, the group is in an advanced stage of preparation for an equity issue of a maximum of 13.7% of its issued share capital through a placing of shares.
"These financing arrangements, coupled with a broad range of mitigating actions to manage the cost base and cash-flow, will provide sufficient liquidity to deal with this most challenging of trading environments," it said.
News by Reuters. Click subscribe to sign up to ESM: European Supermarket Magazine.
ADVERTISEMENT
