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GC Asia
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.
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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