Debenhams plc - Debenhams plc- Update on Refinancing Discussions
9 April 2019
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Update on Refinancing Discussions
Further to the announcement on 29 March,
The company is in discussions with its lenders regarding the availability of the remaining facilities that have not yet been drawn down. As announced on 29 March, and as a result of the milestones relating to a potential transaction with SDI not having been met, it is likely that these facilities will now only be available to the group's subsidiaries upon transfer of those subsidiaries into the ownership of a lender-approved entity. This outcome would ensure the stability and continuing trading of the group's operating subsidiaries, with no disruption to the group's business, customers, employees, pension holders, suppliers or operations. This outcome would result in no equity value for the company's current shareholders.
The Board confirms that it received a revised, highly-conditional, proposal from SDI in the early hours of 9 April, which indicated a willingness of Sports Direct to underwrite an equity issue of
The company anticipates making a further announcement during the course of the day following further discussions with its lenders.
Analysts and investors
020 3549 6304
Lazard (financial advisor) Marcus Taylor
020 7187 2319
020 7404 5959
A copy of this announcement will be made available on Debenhams's website at https://ir.debenhams.com/investor-overview
Neither Lazard nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Lazard in connection with this matters set out in this announcement, any statement contained herein or otherwise.
This information is provided by RNS, the news service of the
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