Debenhams plc Consent solicitation to bondholders (7082T)
March 22 2019 - 4:44AM
UK Regulatory
TIDMDEB
RNS Number : 7082T
Debenhams plc
22 March 2019
22 March 2019
DEBENHAMS PLC
Consent solicitation to bondholders
Following its announcement of 11 March, Debenhams plc ("the
company") announces the next step in its process to secure new
money facilities, which will provide liquidity headroom for
Debenhams' future funding needs and deliver stability for its
customers, staff, suppliers and pension holders.
Today the company has launched a consent solicitation for
holders of Debenhams 5.25% Senior Notes due 2021 (the "Notes").
This seeks consents to certain amendments to the existing
Notes.
Among the changes sought are permissions required to allow the
company (i) to put in place new money facilities on a secured basis
of up to GBP200 million from its existing lenders and Noteholders;
(ii) to put in place inter creditor arrangements; (iii) to give
consent to the grant of collateral to support certain of the
company's existing indebtedness; and (iv) to seek certain waivers
and amendments to the Notes that are a condition to putting in
place the new money facilities.
The consent solicitation process will remain open until 5:00pm,
London Time, on 28 March 2019, unless extended, amended or
terminated by the Company.
A successful consent solicitation would allow the company to
enter into new money facilities and give Debenhams the ability to
pursue restructuring options to secure the future of the business.
However, certain of these options - if they materialise - would
result in no equity value for the company's current
shareholders.
A further update will be provided in due course.
ENDS
Enquiries:
Analysts and investors
Debenhams plc Rachel Osborne, CFO
Katharine Wynne, Director of Investor Relations
020 3549 6304
Brunswick Group Tim Danaher/Craig Breheny/Fiona Micallef-Eynaud
020 7404 5959
debenhams@brunswickgroup.com
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END
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