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Debenhams' new shares priced at 80p

The new shares to be placed by Debenhams as part of plans to raise £323 million announced this morning, have been priced at 80p.

The issue price represents a 13.3% discount to the Debenhams closing share price yesterday. A total of 404 million new ordinary shares have been placed.The proceeds will be used to reduce Debenhams’ debts and increase cash availability for any potential acquisitions.

Shareholder CVC has sold 51 million shares at the issue price, reducing its holding to 33.5 million shares.

The new ordinary shares to be issued will represent 45.8% of the company’s existing issued share capital and 31.4% of the company’s enlarged issued share capital following the capital raising.

Share dealing on the London Stock Exchange is expected to start of June 26.

This morning Debenhams announced plans to raise £323m via a share placing in a bid to slash its debt levels of £927m.

 

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