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New Look investor announces financial restructuring

One of New Look’s leading shareholders, South African investment firm Brait, has announced a new strategy to realise its investments over the next five years putting it “on a firm financial footing for the future”.

Brait previously acted as a “long-term investment holding company”. 

The company has now revealed a financial restructuring which involves an equity capital raise, in a bid to address its debt problems and return cash to shareholders.

Brait plans to reduce its net debt by up to R5.3bn (£280m).

As part of the restructuring will also include a refinancing of its revolving credit facility and the launch of a new convertible bond to raise, in aggregate, between R14.4bn (£760m) and R14.7bn (£776m).

Chairman Jabu Moleketi, said: “The deal represents a positive step forward and a holistic solution for Brait following extensive discussions to materially reduce the debt on its balance sheet.”

New Look was bought by Brait for £780m in 2015.

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