11th Sep 2024 11:55
(Alliance News) - Asos PLC on Wednesday confirmed that GBP253 million has been exchanged into convertible bonds due 2028, from the convertible bonds due 2026, as part of a refinancing.
Additionally, the London-based online-only fashion retailer said that GBP173.4 million of the convertible bonds due 2026 was accepted for repurchase, while GBP73.6 million remains.
Accordingly, there is an outstanding GBP73.6 million of convertible bonds due 2026, and GBP253 million of convertible bonds due 2028.
Asos added that, as a result of the net proceeds from its sale of a majority stake in Topshop and Topman, and the discounted repurchase of the convertible bonds due 2026, its net debt position has been reduced by GBP150 million.
On Monday, Asos agreed to offload 75% of its stake in the Topshop and Topman brands in a deal which values them at GBP180 million.
Asos sold the stake to Danish firm Heartland by forming a 75:25 joint venture with the Nordic company.
Last Thursday, the firm also announced a debt refinancing, which will include the offering of GBP250 million in convertible bonds due in 2028, and the partial cash repurchase of its outstanding issue of GBP500 million in convertible bonds due in 2026.
Shares in Asos were trading 0.8% higher at 429.76 pence each in London on Wednesday morning.
By Holly Beveridge, Alliance News senior reporter
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