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Debt Investors
M&S Group’s funding strategy is to ensure a mix of funding sources offering flexibility and cost effectiveness to match the requirements of the Group. Operating subsidiaries are financed by a combination of retained profits, bank borrowings, medium term notes, finance leases and committed bank facilities.The objective is to ensure that the Group has appropriate funds to manage its financial obligations and to achieve its business objectives. In addition it is to ensure that the Group has a reasonable level of funding diversity in terms of investors and maturity.
The Group has a committed syndicated bank revolving credit facility of £1.325bn set to mature on 29 September 2017.
This facility contains only one financial covenant being the ratio of earnings before interest, tax, depreciation, amortisation and rents payable to interest plus rents payable. The Group also has a number of undrawn uncommitted facilities available to it. At the balance sheet date a sterling equivalent of £81m was drawn under the committed facilities and £nil was drawn under the uncommitted facilities.