By Anthony O. Goriainoff
Imperial Brands PLC said Tuesday that it has agreed to a new 3.5 billion euro ($3.87 billion) loan to provide the business with committed bank financing until March 2023.
The tobacco company--which houses Winston cigarettes, rolling tobacco Golden Virginia and rolling paper Rizla among its brands--said the new facility replaces its existing 3 billion pound ($3.72 billion) facility. The facility is currently undrawn and underpins the liquidity position of the business, the company added.
"The new facility was coordinated by NatWest, Santander and SMBC and is provided by a syndicate of 20 banks," it said.
Imperial said there has been no material effect on the group's performance to date from the coronavirus pandemic, and current trading remains in line with expectations.
Write to Anthony O. Goriainoff at email@example.com