New Look has priced its bond issue at £810m as it looks to complete the landmark deal within the next week.

The fashion retailer, which revealed its intention to launch the bond issue last week, will use the cash to repay its existing debt and a mezzanine facility.

New Look chief executive Alistair McGeorge said this was a “key moment” in the retailer’s recovery.

McGeorge said: “This transaction gives us a much improved capital structure and the business a five year runway for Anders and his team to continue to improve performance, drive forward our international expansion and develop further our online and store development.

“Our long term goal remains the same: to delever the business through profit growth and strong cashflow. This transaction makes that goal entirely possible.”