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ITV secures GBP125m asset based finance facility from Lloyds

ITV has secured an asset based finance facility with Lloyds TSB Commercial Finance, which allows the broadcaster to draw up to GBP125m over a five year period.



This follows ITV’s recently announced nine month figures, where group revenues were up 11 per cent to GBP1,456m on 2009.
 
The asset based finance funding line coincides with ITV’s new five year transformation plan and will provide the company with funding as it embarks on this strategy.
 
Terence Powell, director business development at Lloyds TSB Commercial Finance, who led the deal, says: "We have been pleased to closely work with ITV to produce a flexible, cost-effective standby facility. In this uncertain economic climate, it is good corporate governance to have these reserve facilities in place should they be required.”
 
Charles Van Der Welle, director of treasury at ITV Group, says: “ITV is delighted to have worked with Lloyds to secure this facility, which is not subject to financial covenants. It is not expected to be drawn but it does potentially release cash, otherwise held as liquidity against unforeseen events, for utilisation in the business."

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