Sports Direct swoops in for House of Fraser, but tough game ahead

Sports Direct announced it has bought House of Fraser on Friday, but the retailer had already entered into administration just hours earlier, meaning investors will be unable to trigger what would have been a lucrative change of control covenant in the firm’s bonds.

  • By Victor Jimenez
  • 10 Aug 2018

Sports Direct announced around 10am on Friday morning that it had acquired the business and assets of House of Fraser for £90m in cash. The company already had an 11% stake in House of Fraser.

The move came just hours after House of Fraser published a regulatory ...

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1 BNP Paribas 16,684.16 83 7.43%
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3 Deutsche Bank 12,890.62 50 5.74%
4 Goldman Sachs 12,767.85 54 5.68%
5 UniCredit 11,414.29 66 5.08%

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3 Deutsche Bank 4,245.09 42 6.33%
4 JPMorgan 3,756.57 41 5.60%
5 Credit Suisse 3,672.86 39 5.48%

Bookrunners of Dollar Denominated HY Bonds

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1 JPMorgan 19,149.85 147 10.24%
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3 Credit Suisse 13,243.20 94 7.08%
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5 Citi 12,347.90 105 6.60%