New Look Retail Group Limited (“New Look” and together with its subsidiaries, the “Group”) today announced that it has completed the pricing of its offering of approximately £810,000,000 (equivalent) aggregate principal amount of senior secured notes (the “Notes”), comprised of:
- £500 million aggregate principal amount of 8.75% Fixed Rate Senior Secured Notes due 2018;
- $250 million aggregate principal amount of 8.375% Fixed Rate Senior Secured Notes due 2018; and
- €175 million aggregate principal amount of Floating Rate Senior Secured Notes due 2018. The interest on the Floating Rate Senior Secured Notes will be EURIBOR plus 6.25%, as determined by the calculation agent.
Each series of the Notes will be issued at a price of 100% of principal amount. The Issuer will pay interest on each series of the Fixed Rate Notes semi-annually in arrears on each May 15 and November 15, commencing on November 15, 2013. The Issuer will pay interest on the Floating Rate Notes quarterly in arrears on each March 15, June 15, September 15 and December 15, commencing on September 15, 2013.
The proceeds from the offering of the Notes are expected to be used to (i) repay all outstanding indebtedness under the Group’s existing senior facilities and existing mezzanine facility and to pay related accrued interest and break costs in connection with the cancellation of such facilities, (ii) pay the cash consideration in connection with the Group’s concurrent exchange offer with respect to its existing payment-in-kind facility and (iii) pay related fees and expenses in connection with the offering and related transactions.
Alistair McGeorge, Chairman of New Look, said “This is a key moment in New Look’s recovery. This transaction gives us a much improved capital structure and the business a five year runway for Anders and his team to continue to improve performance, drive forward our international expansion and develop further our online and store development. Our long term goal remains the same: to delever the business through profit growth and strong cashflow. This transaction makes that goal entirely possible.”
Enquiries
Tulchan Communications LLP
020 7353 4200
Lucy Legh – 07788 577 637
Susanna Voyle – 07980 894 557