Debenhams signs refinancing deal
Tuesday 20 July 2010
Debenhams has completed the refinancing of its debts ahead of schedule by signing a £650m credit facility.
Britain's second-largest department stores group said the new deal, which will start in April 2011 when its existing facility expires, would comprise a £250m loan and £400m revolving credit facility that expires in October 2013. Interest fees are set to fall from 7 per cent to 4.5 per cent.
Chris Woodhouse, the finance director, said yesterday: "The new facility puts Debenhams on a strong footing for the future ... Debenhams continues to be a highly cash-generative and profitable business and we expect to continue our programme of net debt reduction over the coming years."
Debenhams' net debt last year was £927m. In April, it said this had been reduced by 45 per cent to £512m, largely as the result of a rights issue.
- 1 PlayStation and Xbox hacked by Lizard Squad
- 2 Katie Hopkins speaks out on childhood obesity: 'Parents of fat children should be prosecuted for child cruelty'
- 3 The Grace Dent Christmas Questionnaire
- 4 The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
- 5 British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
PlayStation and Xbox hacked by Lizard Squad
Antonio Martin shooting: Black teenager may have tried to ambush patrolman, says police officer's lawyer
Katie Hopkins speaks out on childhood obesity: 'Parents of fat children should be prosecuted for child cruelty'
Boxing Day snowfall set to push even more bargain-hunters online for sales
The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Rozanne Duncan: Ukip expels councillor for 'jaw-dropping' comments made in BBC TV interview
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
BBC director Danny Cohen: Rising UK antisemitism makes me feel more uncomfortable than ever
Alex Salmond has 'broken his word to the Scottish people' says Scottish Lib Dem leader
iJobs Money & Business
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...
£43500 per annum + pension + holidays: The Jenrick Group: Night Shift Operatio...
£20000 - £25000 per annum + OTE £40,000 + Car + Pension: SThree: SThree are a ...
£20000 - £25000 per annum + OTE £35K: SThree: We consistently strive to be the...