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Debenhams plc (IRSH)

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Wednesday 09 October, 2019

Debenhams plc

Supplemental information on new financing

RNS Number : 3499P
Debenhams plc
09 October 2019
 

 9 October 2019

 

DEBENHAMS GROUP 

Supplemental information on new financing

Debenhams Group confirms that following the successful consent solicitation concluded on 6 September 2019 (the "Consent Solicitation"), Debenhams has raised a new secured £50m facility with certain of its existing lenders. This provides the group with an additional £50m liquidity in order to cover peak trading, in particular the weeks running up to Christmas. This coincides with the normal seasonal peak of inventory requirement for the group. Debenhams expects its peak (Q1) and low (Q2) inventory levels for the financial year ending August 2020 to be within the c. £450m to £270m range, based on historical trends, noting that the portion of ineligible inventory is relatively consistent across the year, with a small increase around the Christmas peak trading period.

The facility is subject to substantially the same pricing terms and utilisation mechanisms as the £200m first lien facility announced on 29 March 2019, as refinanced by the £200m first lien facility announced on 9 April 2019 (as amended from time to time). Through the Consent Solicitation, the holders of the £225,000,000 5.25% Senior Notes due 2021, of which £200,000,000 remains outstanding (ISIN: XS1081972850; Common Code: 108197285) approved certain amendments to the Trust Deed and the Intercreditor Agreement, including permitting the drawing of a further £50 million of secured indebtedness. The group hereby announces that the Fifth Supplemental Trust Deed has been executed by all the parties thereto and the Proposed Amendments contained in the Fifth Supplemental Trust Deed have become effective. Capitalised terms used and not otherwise defined in this paragraph have the meaning given to them in the Consent Solicitation Announcement released by Debenhams on 3 September 2019.

 

-ENDS-

 

Enquiries

Tim Danaher/Craig Breheny, Brunswick Group        020 7404 5959

[email protected]

 

Notes to editors

Administrators were appointed to Debenhams plc (in administration) on 9 April 2019. The underlying group operating companies are unaffected and all businesses are continuing to trade as normal. Celine Group Holdings Limited, its subsidiaries and certain dormant companies, which together make up the Debenhams Group, were transferred to the ownership of Celine UK NewCo 1 Ltd. on 9 April 2019.

 

 

This announcement has been issued through the Companies Announcement Service of Euronext Dublin.

 


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