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Debenhams bondholders back refinancing plans

Debenhams’ refinancing plans, which included asking lenders for a £200m cash injection, have been approved by bondholders.

In a statement, Debenhams said the “majority” of bond holders “have provided consent to the amendments”. The announcement comes ahead of today’s 5pm deadline to approve the proposals.

On Friday 22 March, Debenhams launched a “consent solicitation for holders of Debenhams 5.25% senior notes due 2021”.

It said the £200m would allow it to enter into new funding facilities, and give it the ability to pursue restructuring options and secure its future.

It added that some of the changes would result in no equity value for the company’s current shareholders.

Earlier this week Mike Ashley’s Sports Direct indicated that it would consider a possible cash offer of £61.4m for Debenhams. The offer was conditional on the appointment of Ashley as CEO of Debenhams. Debenhams would also have had to agree not to enter any third-party funding arrangements, including an administration or CVA.

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