The company said it has served a draw down notice for the first £101mln facility but the availability of the second £99mln facility will depend on whether its largest shareholder, Sports Direct International plc (LON:SPD), makes a firm takeover bid or loan offer.
Debenhams warned that shareholders, including Sports Direct, will be wiped out if it uses the second facility.
"We will now move to the next phase of the restructuring of the business, which includes reducing rents and reshaping our store portfolio, as we have referenced in previous announcements. These actions are necessary to ensure the strongest possible platform to support the business going forward," said Debenhams chairman Terry Duddy.
Sports Direct, which is run by Mike Ashley and owns nearly 30% of Debenhams, said on Wednesday that it was weighing up a £61.4mln offer to buy the retailer.
Under the 5p-per-share cash offer, Ashley would step down as chief executive of Sports Direct and take the helm of Debenhams.
Debenhams has said it would consider a possible takeover approach but any offer would not address its immediate working capital needs.
“The company therefore had no implementable alternative to its well-developed plans to enter into the facilities in order to protect the interests of its broader group of stakeholders including employees, pension holders, suppliers and lenders,” Debenhams said on Friday.
“By entering into the facilities there is provision for Sports Direct to participate in a comprehensive solution, and we will be contacting Sports Direct to outline once again the terms on which their constructive participation would be possible if they wish to participate.”
The announcement comes a day after Debenhams said a majority of holders of its 5.25% senior notes due 2021 had agreed to change the terms of their bonds, paving the way to complete the refinancing.
The termination of this process with bondholders was a condition of Sports Direct making a takeover offer.
In a Friday statement, Sport Direct said was now considering its options.
“As the termination of Debenhams noteholder consent process was one of the waivable pre-conditions to the proposal, Sports Direct is giving further consideration to Debenhams' announcement in the context of the proposal," it said.