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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Debenhams Plc    DEB   GB00B126KH97

DEBENHAMS PLC

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Debenhams : Agrees to 12-Month, GBP40 Million Loan and Strategic Partnership

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02/12/2019 | 02:41am EST

By Oliver Griffin

Debenhams PLC has agreed with existing lenders and note holders to additional 12-month loan in the amount of 40 million pounds ($51.6 million) and has agreed to form a strategic sourcing partnership with Li & Fung Ltd. (0494.HK), it said Tuesday.

In January, Debenhams said it was in talks with lenders to refinance its existing bank loans after warning that margins in the first half of the year will show some erosion due to promotional activity.

The new loan contains provisions for a step-up in pricing in the second quarter of the calendar year, Debenhams said. The loan will act as a bridge to ease broader refinancing and recapitalization.

Further updates will be made in due course, Debenhams said.

The U.K. department store chain said it has in principle entered an agreement with Li & Fung to develop a strategic sourcing partnership that will cover its own-brand sourcing.

The partnership will deliver improved product quality and lead times as well as higher margins, Debenhams said.

Initial orders under the agreement are expected to begin shortly, it said.

Write to Oliver Griffin at oliver.griffin@dowjones.com; @OliGGriffin

Stocks mentioned in the article
ChangeLast1st jan.
DEBENHAMS PLC -1.41% 3.35 Delayed Quote.-34.70%
LI & FUNG LIMITED -2.03% 1.45 End-of-day quote.17.89%
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Financials (GBP)
Sales 2019 2 613 M
EBIT 2019 14,6 M
Net income 2019 1,90 M
Debt 2019 289 M
Yield 2019 -
P/E ratio 2019 16,75
P/E ratio 2020 33,50
EV / Sales 2019 0,13x
EV / Sales 2020 0,12x
Capitalization 41,1 M
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Mean consensus HOLD
Number of Analysts 8
Average target price 0,06  GBP
Spread / Average Target 90%
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Managers
NameTitle
Sergio Rodriguez Bucher Chief Executive Officer
Terence T. Duddy Chairman
Rachel Claire Elizabeth Osborne Chief Financial Officer & Director
Angela Morrison Director-Technology & Supply Chain
Stephen John Ingham Independent Non-Executive Director
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