THG PLC (LSE:THG) has raised £90 million from a share issue with existing and new City investors, which it says was oversubscribed.
In fact most of the funds, £60 million came from chief executive Matthew Moulding, who has agreed a £55 million convertible loan and "partly paid" £5 million of shares.
The other £30 million was garnered via a placing of stock at a price of 32.3p, a 5% discount to yesterday's closing price.
THG says the cash is to be used to reduce gross debt.
After selling its Ingenuity arm, this refinancing "represents another significant step in THG's simplified debt and equity investment case as a cash generative global retailer and brand owner, well positioned to deliver on its next phase of development in its growing consumer markets", the company says.
THG said it consulted with "a number" of its major shareholders prior to the placing.