LONDON, April 6 (Reuters) - British books, newspaper and
stationery retailer WH Smith said on Monday it had
secured new lending facilities of 120 million pounds ($147
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.
($1 = 0.8167 pounds)
(Reporting by James Davey;
Editing by Alison Williams)