New Look is close to securing a debt facility to refinance an £100m term loan which matures in June 2024.
The high street chain is in advanced discussions with Blazehill Capital and Wells Fargo, according to Sky News.
The holders of the debt include Alteri, Davidson Kempner, and an arm of Wall Street giant Goldman Sachs, with talks – which were first been reported in June – ongoing for months.
A New Look spokesperson told Sky News: “With New Look’s c.£100m term loan maturing in June 2024, the group is currently in positive discussions with advisers and potential lenders regarding a refinancing.
“The business continues to deliver on its strategic objectives, underpinned by its omnichannel strategy, fashion credentials and great value product.”
New Look, which trades from some 400 UK stores and employs over 10,000 staff, last restructured following a Company Voluntary Arrangement (CVA) in 2020 which saw the retailer move to more favourable rent structures in some of its stores. It had also undergone a CVA in 2018 in which a number of stores were closed with many jobs lost.
In the financial year ending 25 March 2023, the retailer reported total revenues of £895m and earnings (EBITDA) of £42.2m, a 67% increase year-on-year.