...Debt Restructuring Com pleted: New Look Bonds Limited completed a debt restructuring in May 2019 and now has a financial profile w ith greater financial flexibility and some headroom to invest in its business amid some macro- economic challenges such as w eak consumer demand and Brexit uncertainty . The distressed debt exchange (DDE) includes the substantial w rite-dow n of nearly GBP925 million of pre-restructured debt. It also includes a partially PIK/toggle interest payment mechanism, w hile maintaining liquidity for peak season w orking capital requirements by retaining the committed GBP100 million revolving credit facility (RCF) and the GBP100 million operating facility. Senior secured noteholders converted all their existing claims of GBP1.07 billion into GBP250 million of new senior secured 2024 notes and 20% of the ordinary share capital of New Look Retail Holdings Ltd after the restructuring. In addition, the group's liquidity w as strengthened by a new five-year GBP150 million...
