Boohoo Group PLC (AIM:BOO) has repaid £50 million of a term loan under a refinancing effort and bid to create a “leaner and lighter” company.
Lenders had been notified of the move to pay off part of a £97 million loan, Boohoo said on Monday.
Some £39.3 million was raised last month through a share placing, with Boohoo adding this would be used in part to fund the repayment.
Chief executive Dan Finley added funds would also come from Boohoo’s initiative to reduce stock levels as it became a “leaner and lighter business”.
Boohoo had launched a business review in October as Finley’s predecessor John Lyttle stepped down and a new £222 million debt refinancing deal was unveiled.
The £97 million loan, said to be due in August next year, was agreed as part of this.
“The board would like to thank our banking syndicate for their continued support,” Finley added.