Pets at Home in £288 million refinancing following strong full year results


Pets at Home, the UK pet food and product retailer, has secured £288 million of new debt facilities following its announcement last week of revenues of £276.9m and EBITDA of £40.7m for the year ended 31 March 2006.

Following completion of the refinancing, a further £100 million will be returned to shareholders in addition to the £70 million that was returned in May 2005. BNP Paribas and RBS are joint mandated lead arrangers and bookrunners for the new facilities.

Matt Davies, Pets at Home Chief Executive, said: "Strong like for like performance has not only allowed us to return cash to shareholders but also to invest in the rollout of more stores and in the infrastructure of our business."

The company opened 11 new stores in the last financial year and is planning up to a further 18 in the course of the current financial year. Its estate comprises 177 stores, principally located in primary retail parks. Plans are also advanced for an additional 119,000 sq ft of space to be added to Pets at Home's national distribution centre in Stoke by the fourth quarter of 2006. This will provide in total an operational facility of 270,000 sq ft.

Pets at Home, which was the subject of a £230m Bridgepoint-backed buyout in July 2004, was established in 1991 and is the UK's leading specialist retailer for pet foods and a wide range of pet related products and accessories.

The UK market for pet products is estimated to be worth £2.1 billion annually. Advisers to the company were Travers Smith (legal) and KPMG (financial due diligence and tax).

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