The UK-based fashion retailer, New Look, has finally completed debt refinancing scheme.
In light of court’s approval of New Look Financing PLC’s Scheme of Arrangement, the retailer said that it has completed its comprehensive financial recapitalisation transaction.
The refinancing scheme comprises a debt-for-equity swap to bring down the debt from £500 million to £100 million – thereby bringing down the interest costs as well.
Additionally, there will be a cash injection of £40 million to help enhance the retailer’s business plan.
And there’s more!
There will also be extension of primary working capital facilities to ensure further financial assistance without any near-term maturity.
Following the announcement of the scheme in August, along with company voluntary arrangement (CVA), it got approval from all creditors in September 2020.
Also Read: New Look’s CVA finally gets approved! 11,000 jobs saved
Nigel Oddy, Chief Executive, New Look has thanked all the banks, landlords, bondholders and creditors for their full support during its CVA and financial recapitalisation process.
Founded in 1969, New Look is known for selling womenswear, menswear and apparels for teenagers.
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