Sports Direct International Plc Statement regarding loan offer to Debenhams PLC (8081S)
March 13 2019 - 2:31PM
UK Regulatory
TIDMSPD
RNS Number : 8081S
Sports Direct International Plc
13 March 2019
Date: 13 March 2019
SPORTS DIRECT INTERNATIONAL PLC
("Sports Direct" or the "Company")
STATEMENT REGARDING OFFER OF LOAN TO DEBENHAMS PLC
Sports Direct refers to the announcement of Debenhams plc
(Debenhams) to the effect that Debenhams is in negotiations with
its current lenders as regards entering into additional facilities
of approximately GBP150m, GBP40m of which would be used to
refinance the new secured GBP40m bridge facility announced by
Debenhams on 12 February 2019.
Sports Direct wishes to confirm that it has made an alternative
proposal to Debenhams.
Under Sports Direct's proposal, on or before 31 March 2019:
Sports Direct would make a GBP150m unsecured term loan (of 12
months) to Debenhams. Of the total amount of the lending, GBP40m
would be used to repay Debenhams' GBP40m bridge facility with an
attendant release of security. The remaining GBP110m would be
available for general working capital.
Debenhams would agree to put a proposal to its independent
shareholders to approve the issue of circa 5% new shares at the
prevailing market price to Sports Direct (so as to increase Sports
Direct's shareholding to circa 35%). If the 5% share issue and
related "whitewash" was approved by Debenhams' independent
shareholders, the GBP150m loan would be guaranteed to be
interest-free. If such approvals were not forthcoming, the loan
would bear interest at 3%.
Mr Mike Ashley would become a director and the CEO of
Debenhams.
-Ends-
Sports Direct International
plc T. 0344 245 9200
Cameron Olsen, Company Secretary E. investor.relations@sportsdirect.com
LEI: 213800JEGHHEAXIJDX34
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
STRBIGDXCDBBGCX
(END) Dow Jones Newswires
March 13, 2019 14:31 ET (18:31 GMT)
Frasers (LSE:FRAS)
Historical Stock Chart
From Apr 2024 to May 2024
Frasers (LSE:FRAS)
Historical Stock Chart
From May 2023 to May 2024