LONDON (Reuters) -Struggling British fashion retailer Ted Baker has refinanced by extending a revolving credit facility with its existing syndicate of lending banks, it said on Tuesday.

The group said that under the new agreement a facility of 108 million pounds ($153 million) maturing in September 2022 and a restricted facility of 25 million pounds maturing in January 2022, will be replaced by a new facility of 90 million pounds reducing to 80 million pounds in January 2022 until maturity in November 2023.

Ted Baker, which has seen sales plunge during the COVID-19 pandemic, said the amended facility includes changes to covenant tests related to earnings.

It said that when combined with its net cash position of 66.7 million pounds at the end of its financial year to Jan. 30 2021, the group has the necessary cash and liquidity to execute its turnaround plan.

On Monday, Ted Baker pushed back publication of its full year results from May 27 to June 10. It said the results will be in line with consensus expectations.

Shares in Ted Baker closed Monday at 180 pence, valuing the business at 332 million pounds.

($1 = 0.7055 pounds)

(Reporting by James Davey, editing by Louise Heavens, Kirsten Donovan)