Shares in HMV were up on the FTSE after the retailer announced that it had entered into revised term and revolving credit facilities of £220 million with its banks, replacing its existing bank facility of £240 million.

The new facility consists of two loans worth £70 million and £90 million and a £60 million revolving credit facility.

In an update on its current trading HMV said that trading remained in line with that reported for the quarter ended 30 April.

Simon Fox, Chief Executive of HMV, commented, "We are very pleased to have concluded the new bank facility, which represents another important milestone in securing the financial stability of the Group."

By 13:35 shares in HMV were up 4.08 per cent to 12.75 pence per share.

FTSE