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The new facility, which is made up of a £15m loan and revolving credit of up to £27m, matures on 30 November 2012.

The facility is split between its lead bank Lloyds, Barclays and Royal Bank of Scotland (RBS), and has been arranged by Future's group finance director John Bowman.

The publisher of titles such as Total Film and T3, which is headed by chief executive Stevie Spring, said it reduced its net debt, which stood at £21.9m on 30 September 2008, by 45% in the three years to that period.

Future, which will announce its interim results on 20 May, unveiled a 1% rise in revenue for the three months ending 31 December, despite the economy falling 1.5% in the same quarter.

The group, which launched monthly knitting title The Knitter at the start of the year, said that falls in print advertising had been offset by an increase in online ad revenue.