Debenhams secures £175m refinancing loan
Debenhams has secured a £175m refinancing loan from its former owner, US private equity firm TPG.
The retail group said the three-year facility provides “enhanced financial flexibility, enabling the group to deliver its new multi-year turnaround strategy”.
The refinancing deal, which reaches maturity in August 2028, replaces Debenhams’ previous £125m revolving credit facility, which was originally due to mature in October 2026.
Part of the new facility is being led by TPG Angelo Gordon, a subsidiary of TPG, which was part of a group that took Debenhams private in 2003.
Dan Finley, group chief executive of Debenhams, said: “We have put in place a new facility, 12 months early, with strong lenders, that aligns and supports our new strategy, supercharging Debenhams and turning around our Youth fashion brands. This follows a comprehensive and competitive review of the market.”