
Swindon-based WH Smith, hit by a substantial downturn in economic activity resulting from the Covid-19 pandemic, has secured new lending facilities of £120m, which will strengthen its balance sheet, working capital and liquidity position.
However, the new financing arrangements are conditional on raising new equity and the group is therefore in an advanced stage of preparation for an equity issue of a maximum of 13.7% of its issued share capital by way of a placing.