Imperial Brands Sees No Coronavirus Impact, Secures New Loan
Imperial Brands PLC (IMBBY) reported Tuesday that the coronavirus pandemic did not have a “material impact” on the maker of Gauloises Blondes and Winston cigarettes.
“Trading remains in-line with expectations,” Imperial Brands said in a statement on its website.
Separately, Imperial Brands announced that it secured a €3.5 billion (£3.1 billion) multi-currency revolving credit line for an initial three-year term. The credit vehicle will provide bank financing until March 2023 and replaces an existing £3 billion credit line, the company said. Imperial Brands hasn’t yet drawn any funds from the new loan due to the company’s solid liquidity position, it said.
James Edwardes Jones, a four-star analyst at RBC Capital, earlier this year raised Imperial Brands’ rating to Hold from Sell. (See Imperial Brands stock analysis on TipRanks)
The loan was managed by NatWest, Santander, and SMBC and syndicated by a consortium of 20 banks, the company said.
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