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| Marks & Spencer signs new banking facilities
Marks & Spencer announces that, earlier today, it signed two new banking facilities totalling £2 billion. The new banking facilities, together with existing resources, will be used to fund the planned return of £2.3 billion to shareholders by way of a Tender Offer. The first facility, for £1.2 billion, matures on 13 August 2009 and is provided by BBVA, BNP Paribas, Citigroup, HSBC, Lloyds TSB and Morgan Stanley as Mandated Lead Arrangers and Bookrunners, and by Fortis Bank, Rabobank and Standard Chartered as Senior Lead Arrangers. The margin is 0.35% over LIBOR, and is fixed for the life of the facility. The second facility, for £800 million, is provided by HSBC alone. It is a standby facility for use, if necessary, to bridge the period between the return of value to shareholders and the receipt of the proceeds from the disposal of M&S Money. The expected timetable for the proposed Tender Offer, which was outlined in the operational review provided on 12 July 2004, is as follows:
As previously announced, the Interim Results will be released on Tuesday 9 November 2004. Details of the expected timetable applicable to holders of the Company's American Depositary Shares will be set out in the circular to be sent to shareholders in connection with the Tender Offer.
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