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JJB Sports to pay £8.3m to postpone loan repayment

JJB Sports will have to pay £8.3 million to postpone repayment of its debts under the terms of agreement with lenders.

The sportswear group clarified the figure in a statement today, following press speculation about the fees relating to an agreement made with lenders Kaupthing, HBOS and Barclays in December, to postpone repayment of its loans.

The announcement followed press reports quoting a figure of £7m.

The company’s statement confirmed that it arranged a “standstill agreement” on December 10 to extend its facility with Kaupthing, and provide continued access to both the Barclays and HBOS facilities.

The statement said: “The company agreed to a margin uplift for both the Barclays and HBOS facilities to bring them in line with the terms of the Kaupthing facility and to pay fees of approximately £8.3 million to the lenders, with payments expected in February and April 2009.”

It continued: “Barclays, HBOS and Kaupthing remain supportive of the company under the leadership of the new executive chairman Sir David Jones.”

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