Fast-fashion giant Boohoo has announced the partial repayment of its £97m term loan as part of its recently completed refinancing.
In a statement published to the London Stock Exchange earlier today, Boohoo confirmed it has notified lenders of the repayment of £50m of its £97m term loan.
The loan came as part of a refinancing agreement at Boohoo involving a £125m revolving credit facility and the £97m term loan that is repayable by August next year, which was announced alongside the departure of chief executive John Lyttle in October this year.
Boohoo chief executive Dan Finley said: “Following the conclusion of the recently announced oversubscribed placing, we are today pleased to announce the repayment of £50m of our term loan.
“The repayment will be made with funds raised from the placing and through the group’s initiative to reduce stock levels as we become a leaner and lighter business, focused on maximising value for all our shareholders.
“The board would like to thank our banking syndicate for their continued support.”
In a separate announcement last week, Boohoo also announced that co-founder Carol Kane had bought £294,350 of the fashion retailer’s ordinary shares at a value of 33.88p per share. This upped her interest in the business to 1.45% of Boohoo’s issued share capital.
In its latest results for the six months to August 31, 2024, Boohoo’s adjusted losses before tax widened to £27.5m, while adjusted EBITDA also fell by £10.5m to a total of £20.8m.
Group sales at the group also fell by 15% to £619.8m, while gross profits were down by 19.2% to £314.4m.
No comments yet