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Woolworths agrees £385 million refinancing

Woolworths has agreed a refinancing package totalling £385 million to fuel its growth.

The deal comprises a £350m secured asset-based lending facility, arranged and underwritten jointly by Burdale Financial Limited, a subsidiary of Bank of Ireland Group, and GMAC Commercial Finance, as well as a further £35m loan from ADM Capital.

Woolworths group finance director Stephen East said: "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."

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