STV secures lower-cost £60m credit package

Broadcasting group STV today said it has signed up for a £60 million credit package that will be cheaper to service than its previous facility.

The five-year revolving credit and overdraft facility, with Santander and Barclays, replaces STV’s earlier £57.5m package and will result in a lower interest margin being payable.

Chief financial officer George Watt said: “The new credit facility, which is provided at improved pricing representing the significant improvement in the net debt levels of the group, provides funding certainty and flexibility should this be required to support our future growth ambitions.”