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Debenhams holders OK default waiver for 5¼% senior notes due 2021
By Wendy Van Sickle
Columbus, Ohio, June 28 – Debenhams Retail Ltd. said it has received the requisite consents for waivers of any deemed or actual default or event of default from holders of £200 million 5¼% senior notes due 2021, issued by Debenhams plc, arising from the company’s failure to file an interim report of first-half operating results within 60 days of the semiannual period ending Feb. 28, according to a London Stock Exchange filing.
The notes issue was originally £225 million in size.
To formulate the default waiver, Debenhams engaged in discussions with about 31.7% of holders, who agreed to vote in favor of the default waiver, and who are expected to continue to provide support regarding the group’s ongoing pursuit of options to restructure its balance sheet, the company previously said.
The deadline to deliver consents was noon ET on June 28.
The solicitation was announced on June 24.
As previously reported, Debenhams entered administration on April 9.
Chad Griffin, Simon Kirkhope and Andrew Johnson of FTI Consulting LLP were appointed as joint administrators by the company’s secured lenders.
Debenhams said the group’s operating companies continue to trade as normal and honor their obligations, meaning commercial stakeholders should not be adversely impacted by the administration.
Immediately following their appointment, the joint administrators sold the company’s shares in the group to Celine UK Newco I Ltd., an entity owned by some of Debenhams’ secured lenders.
Celine UK Newco I acceded to the trust deed governing the company’s 5¼% notes due 2021 as an additional subsidiary guarantor.
Debenhams is a London-based department store chain.
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