January 14, 2019 / 8:35 AM / 5 months ago

UK retailer New Look's restructuring to cut debt by one billion pound

LONDON (Reuters) - British fashion group New Look said on Monday it had agreed a restructuring with debtholders to deleverage and strengthen its balance sheet.

New Look, which is owned by South African investment firm Brait (BATJ.J), said it had agreed a debt-for-equity swap proposal to reduce its long-term debt from 1.35 billion pounds($1.73 billion) to 350 million pounds together with a new capital raise of 150 million pounds funded by the issuance of new bonds.

The retailer said the agreement would provide it with a delivered capital structure, significant liquidity and adequate financial flexibility to support its future development.

Reporting by James Davey, Editing by Paul Sandle

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