IN BRIEF: Asos creates headroom for turnaround plan with refinancing
Asos PLC - London-based online-only fashion retailer - Refinances its asset-backed loan facility into a secured term loan and delayed-draw term loan, working with a new syndicate of private lenders. Asos says the new facility provides GBP87.5 million in additional liquidity headroom. This comes from the GBP87.5 million DDTL, which is in addition to a secured term loan of GBP150 million. They replace a GBP75 million revolving credit facility and GBP50 million in accordion facilities, neither of which had any availability left. The new facilities have a five-year commitment until November 2030, whereas the previous loans were due in 2027. Read More