Debenhams plc Refinancing Announcement (5669K)
26 Juin 2014 - 8:00AM
UK Regulatory
TIDMDEB
RNS Number : 5669K
Debenhams plc
26 June 2014
NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO ANY PERSON
LOCATED OR RESIDENT IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO
DISTRIBUTE THIS ANNOUNCEMENT
26 June 2014
Debenhams plc
REFINANCING OF BORROWING FACILITIES
Debenhams plc, the leading international, multi-channel brand,
has announced that it has refinanced its borrowing facilities.
Debenhams has priced its offering of GBP225 million Senior Notes
(the "Notes") due 2021 at 5.25%. The offering was upsized from the
GBP200 million aggregate principal amount announced on 20 June
2014. The offering is expected to close on 2 July 2014 upon the
satisfaction or waiver of customary closing conditions. The
proceeds from the issue and sale of the Notes, when completed, will
be used to prepay existing credit facilities of Debenhams and to
pay the fees and expenses related to the offering and sale of the
Notes. The Notes will be guaranteed on a senior basis by certain of
Debenhams' UK subsidiaries.
At completion, Debenhams will contemporaneously extend its
existing bank financing arrangements to October 2018 in the form of
a GBP425 million revolving credit facility.
The refinancing of borrowing facilities in this way will lead to
an interest charge for the financial year to August 2015 of
GBP22-24 million, in line with guidance provided on 20 June.
Michael Sharp, Chief Executive of Debenhams plc, said:
"This refinancing will allow us to reduce our reliance on
traditional bank funding and fulfil our desire to diversify our
sources of funding. In addition, we expect to achieve a material
saving in interest costs over the life of the Notes. The Notes
offering was well-subscribed and we believe the level of demand
reflects the strength of investor confidence in our business and
our strategy to build a leading international, multi-channel
brand."
Barclays, Lloyds Bank and The Royal Bank of Scotland acted as
Joint Global Co-ordinators and Joint Bookrunners. Lazard provided
independent advice to Debenhams.
Enquiries
Lisa Williams, Debenhams plc 020 3549 6304, 07908 483841
NOTES TO EDITORS
Debenhams is a leading international, multi-channel brand with a
proud British heritage which trades out of 243 stores across 28
countries. Debenhams gives its customers around the world a unique,
differentiated and exclusive mix of own brands, international
brands and concessions.
In the UK, Debenhams has a top three market position in
womenswear and menswear and a top ten share in childrenswear. It
holds the number two market position in premium health and
beauty.
Debenhams has been investing in British design for 20 years
through its exclusive Designers at Debenhams portfolio of brands.
Current designers include Abigail Ahern, Ted Baker, Jeff Banks,
Jasper Conran, FrostFrench, Patrick Grant, Henry Holland, Betty
Jackson, Ben de Lisi, Todd Lynn, Julien Macdonald, Jenny Packham,
Pearce Fionda, Stephen Jones, Preen, Janet Reger, John Rocha,
Jonathan Saunders, Ashley Thomas, Eric Van Peterson and Matthew
Williamson.
Statements made in this announcement that look forward in time
or that express management's beliefs, expectations or estimates
regarding future occurrences and prospects are "forward-looking
statements" within the meaning of the United States federal
securities laws. These forward-looking statements reflect
Debenhams' current expectations concerning future events and actual
results may differ materially from current expectations or
historical results. Neither the content of the Company's website
nor the content of any website accessible from hyperlinks on the
Company's website (or any other website) is (or is deemed to be)
incorporated into or forms (or is deemed to form) part of this
announcement.
This announcement is not an offer of securities for sale in the
United States or any other jurisdiction. Securities may not be
offered or sold in the United States unless they are registered or
are exempt from registration. The Company does not intend to
register any portion of this offering in the United States or to
conduct a public offering in the United States or any other
jurisdiction. Any public offering of securities to be made in the
United States would be made by means of a prospectus that would
contain detailed information about the Company and its management,
as well as financial statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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