A HY thing of beauty: Douglas pulls off miraculous comeback

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By Owen Sanderson
25 Mar 2021

Debt-laden beauty retailer Douglas is on course to refinance its capital structure at par, an almost unthinkable outcome this time last year, when its unsecured debt was trading in the 30s. Owen Sanderson reports.

While sponsor CVC’s €220m equity injection stands as a welcome sign of support for the company, Douglas is taking earnings adjustments to new heights to market its secured debt as less than five times levered.

Even before the pandemic, Douglas looked shaky, with a tottering debt stack and many ...

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