ASOS PLC (LSE:ASC) said its net debt position has been slashed after a refinancing following the online fashion retailer’s sale of its majority stakes in Topshop and Topman.
Net debt was wound down by £150 million on the proceeds from the brands’ sales and the refinancing, ASOS said on Wednesday, from £348.8 million as of March.
Some £173.4 million worth of convertible bonds due to mature in 2026 were repurchased at a discounted rate.
An additional £253 million was exchanged for debt due in 2028, leaving £73.6 million worth of bonds still outstanding for 2026.
ASOS had announced the sale of 75% of the Topshop and Topman brands last week into a joint venture controlled by Denmark’s Heartland, which owns clothing business Bestseller.