House of Fraser to seek change-of-control consent for floaters due 2020

By Tali Rackner

Minneapolis, May 2 – House of Fraser (Funding) plc plans to solicit consents from holders of its £175 million floating-rate senior secured notes due 2020 and lenders under its senior facility to a change-of-control under the notes agreement.

House of Fraser Group Ltd., Shanghai by Nanjing Xinjiekou Department Store Co., Ltd. (Cenbest) and C.banner International Holdings Ltd. entered into a share purchase agreement and a subscription agreement under which C.banner will acquire a total of 51% of the total issued share capital of House of Fraser Group.

The company said it will request the change-of-control to obtain the necessary consents and waivers from applicable creditors to ensure that the transactions related to the acquisition will not result in any refinancing obligation for any of House of Fraser Group’s subsidiaries.

House of Fraser is a London-based department store group.

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