The Very Group has extended debt maturities and strengthened its balance sheet by securing a significant refinancing package worth US $ 780 million.
The online retailer said that it will extend its US $ 196 million revolving credit facility until February 2027 and issue senior secured notes that are due in August 2027.
The US $ 750 million in debt that was initially due in August 2026 will be paid off with the proceeds from the refinance and a portion of the group’s current funds. Investors will be able to purchase the new debt in June, with the possibility of extending the payback period until 2030 provided specific requirements are fulfilled.
According to the retailer, its current funding will be replaced by the new revolving credit facility.
With the help of continuous cost-cutting measures, the company projects adjusted EBITDA to increase from US $ 392 million to US $ 398 million in 2024–2025 and from US $ 398 million to US $ 418 million in 2025–2026.
