18 Jul 2011 09:00
18th July 2011
DEBENHAMS PLC - REFINANCING
Debenhams plc, the leading department store group, today confirms that it has completed a refinancing of the £650 million senior credit facility agreed in July 2010. The refinancing extends the maturity date for the borrowing facility to October 2015 (from October 2013) with a further option to extend to October 2016. In addition to the extension in tenor, the amended terms will reduce the Group's cash interest rate by 0.50% to around 4% with immediate effect. Associated refinancing costs of around £3.3 million will be amortised over the life of the facility.
The £650 million facility continues to comprise a £250 million term loan and £400 million revolving credit facility.
The Mandated Lead Arrangers and Bookrunners were Barclays Capital, Lloyds Banking Group and Royal Bank of Scotland.
Chris Woodhouse, Finance Director of Debenhams, said:
"We are delighted to have successfully secured Debenhams' medium term funding requirements through this extension, significantly lowering the Group's interest costs in the process. Our ability to achieve such a refinancing in the current economic environment is a testament to the continued strong performance of the business."
Enquiries
Investors and analysts
Debenhams plc
Rob Templeman, Chief Executive
Chris Woodhouse, Finance Director
Lisa Williams, Investor Relations 020 7408 3304
Press
Financial Dynamics
Jonathon Brill 020 7269 7170
Caroline Stewart 020 7269 7227
Notes to Editors
Debenhams is an iconic British department store group which was established over 200 years ago. Debenhams has a strong presence in key product categories including womenswear, menswear, childrenswear, home and health and beauty and offers its customers a unique and differentiated mix of exclusive own bought brands including Designers at Debenhams, international brands and concessions.
Debenhams has a total of 167 stores in the UK, the Republic of Ireland and Denmark. Debenhams also has 61 international franchise stores in 24 countries and an online store, www.debenhams.com, through which much of the Debenhams range is available.
Designers at Debenhams include Ted Baker, Jeff Banks, Jasper Conran, Erickson Beamon, FrostFrench, Henry Holland, Roksanda Ilincic, Betty Jackson, Jonathan Kelsey, Ben de Lisi, Julien Macdonald, Melissa Odabash, Jane Packer, Pearce Fionda, Preen, Janet Reger, John Rocha, Jonathan Saunders, Lisa Stickley, Eric Van Peterson and Matthew Williamson.