Woolworths has reached an agreement to refinance its bank revolving credit and other facilities with new four-year facilities totalling £385 million, reports The Retail Bulletin

“The new financing arrangements provide the Group with flexible long-term facilities which will enable its continued development, and in particular, support the growth in the Entertainment Wholesale businesses,” said Group finance director, Stephen East.

Of the £385 million, £350 will be jointly arranged and underwritten by Bank of Ireland subsidiary Burdale Financial and GMAC Commercial Finance, while the second lien loan of £35 million will be provided by ADM Capital.