LONDON—Friday, June 26, 2015
New Look (“New Look” or the “Company”) today announces the successful conclusion of its debt refinancing, which optimises its capital structure, reduces costs, extends maturities to 2022 and eliminates the Company’s former PIK loans.
In total, New Look Secured Issuer plc has issued £700 million aggregate principal amount of 6.5% Senior Secured Notes due 2022 and €415 million aggregate principal amount of Floating Rate Senior Secured Notes due 2022, and New Look Senior Issuer plc has issued £200 million aggregate principal amount of 8.0% Senior Notes due 2023. Interest on the Floating Rate Senior Secured Notes accrues at three-month EURIBOR plus 4.50%. Proceeds from these issuances have allowed the Company (i) to redeem in full £500 million aggregate principal amount of 8.75% Senior Secured Notes due 2018, $250 million aggregate principal amount of 8.375% Senior Secured Notes due 2018 and €175 million aggregate principal amount of Floating Rate Senior Secured Notes due 2018, each issued by New Look Bondco I plc, and (ii) to repay in full the Company’s former PIK loans.
Further to the announcement of 15 May 2015, New Look also confirms that completion of the transaction with Brait, whereby Brait acquired a c.90% stake in New Look, occurred on 25 June 2015. The Singh family interests and the current management of the Company have acquired the remaining c.10%.
Following the completion of Brait’s acquisition, it is also announced today that Paul Mason will be standing down as non-executive Chairman of New Look. John Gnodde has been appointed as non-executive Chairman of New Look alongside his current role as Chief Executive of Brait. As previously announced, Anders Kristiansen (CEO), Mike Iddon (CFO) and Roger Wightman (CCO) remain with the Company and their existing roles and responsibilities will be unchanged.
Commenting on this announcement, Anders Kristiansen, Chief Executive, said:
“This is a very exciting time for New Look. The acquisition of our equity by Brait, coupled with our successful refinancing, leaves us strongly positioned to achieve our strategic goals.
"The refinancing represents a further step forward for the business. Our capital structure has been improved and the repayment of our former debt arrangements has allowed us to remove all remaining PIK loans from our balance sheet. Maturities have also been extended, giving us additional flexibility as we continue to deliver on our strategic priorities of Brand, Multichannel, International Expansion, Product Development and Menswear. ”
"On behalf of everyone at New Look, I wish Paul Mason every success in his future endeavours, and I thank him for his counsel throughout the recent acquisition by Brait. At the same time we look forward to working with John Gnodde and the rest of the Brait team as we continue to develop this business both in the UK and internationally."
Enquiries
Tulchan Communications LLP
Tom Buchanan
Will Smith
020 7353 4200
About New Look
Founded in 1969, New Look has grown from a single store to become a dynamic, international, multichannel retail brand with a unique value-fashion offer in apparel, footwear and accessories for women, men and teenage girls. New Look is the No. 2 value retailer for women’s clothing and accessories market in the UK (source: Kantar Worldpanel for year to May 2015). The New Look Group has over 800 stores across the globe in 21 countries, and our estate of 569 UK stores places New Look in immediate reach of the majority of the British population.