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Debenhams strikes rescue refi deal

UK department store chain Debenhams has agreed a refinancing with its existing lenders, giving it an extra 12 months and an extra £40m of headroom, along with certain covenant waivers — but the race is on for a full recapitalisation by the end of the second quarter.

  • By Owen Sanderson
  • 12 Feb 2019

The group will have to pay 500bp over Libor for the new facility at first, with a step up in pricing in the second quarter this year — but, according to the announcement, it is intended to be a bridge to “facilitate a broader refinancing and recapitalisation”.

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Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
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1 Credit Agricole CIB 484.94 3 17.32%
1 BNP Paribas 484.94 3 17.32%
3 SG Corporate & Investment Banking 194.57 2 6.95%
3 HSBC 194.57 2 6.95%
5 Natixis 174.13 2 6.22%

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Rank Lead Manager Amount €m No of issues Share %
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1 Citi 646.47 4 14.03%
2 Deutsche Bank 449.87 3 9.77%
3 UniCredit 362.37 2 7.87%
3 Intesa Sanpaolo SpA 362.37 2 7.87%
5 BNP Paribas 336.21 2 7.30%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 3,716.46 25 11.02%
2 JPMorgan 2,986.37 22 8.86%
3 Morgan Stanley 2,561.24 18 7.60%
4 Credit Suisse 2,420.50 16 7.18%
5 Goldman Sachs 2,387.34 18 7.08%