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Debenhams completes £650 million refinancing

Debenhams has completed a refinancing of the £650 million senior credit facility agreed back in July 2010.

CITY & CORPORATE

Debenhams completes £650 million refinancing

The department store group said 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.
 
Debenhams said that 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."
 
Debenhams has a total of 167 stores in the UK, the Republic of Ireland and Denmark, and 61 international franchise stores in 24 countries.
 

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