£100m refinancing deal for fashion retailer
By Sarah Wood | 4th September 2023
High street fashion chain, New Look, is close to finalising a £100m debt refinancing deal.
The retailer, which has closed all its stores in the county in recent years, is reported to be in advanced talks with Blazehill Capital and Wells Fargo about replacing a term loan that matures in June 2024, as reported by Sky.
Talks about refinancing the debt, which is held by businesses including Alteri, the specialist retail investor, Davidson Kempner and an arm of Goldman Sachs, have been ongoing for months.
The retailer has been working with advisers at Deloitte on exploring options for the £100m loan.
This is the latest step in New Look's journey towards a sustainable long-term capital structure, following substantial store closures. The retailer still has more than 400 stores in the UK and Ireland, but closed its last remaining store in the county, Cheltenham, earlier this year.
New Look employs more than 10,000 staff and boasts 10m active customers.
For the financial year ended March 25, 2023, it reported total revenue of £895m and earnings before interest, tax, depreciation and amortisation of £42.2m - a year-on-year rise of over 67%.
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