Consent solicitation to bondholders

22 March 2019

DEBENHAMS PLC

Consent solicitation to bondholders

Following its announcement of 11 March, Debenhams plc ("the company") announces the next step in its process to secure new money facilities, which will provide liquidity headroom for Debenhams' future funding needs and deliver stability for its customers, staff, suppliers and pension holders.

Today the company has launched a consent solicitation for holders of Debenhams 5.25% Senior Notes due 2021 (the "Notes"). This seeks consents to certain amendments to the existing Notes.

Among the changes sought are permissions required to allow the company (i) to put in place new money facilities on a secured basis of up to £200 million from its existing lenders and Noteholders; (ii) to put in place inter creditor arrangements; (iii) to give consent to the grant of collateral to support certain of the company's existing indebtedness; and (iv) to seek certain waivers and amendments to the Notes that are a condition to putting in place the new money facilities.

The consent solicitation process will remain open until 5:00pm, London Time, on 28 March 2019, unless extended, amended or terminated by the Company.

A successful consent solicitation would allow the company to enter into new money facilities and give Debenhams the ability to pursue restructuring options to secure the future of the business. However, certain of these options - if they materialise - would result in no equity value for the company's current shareholders.

A further update will be provided in due course.

ENDS

Enquiries:

Analysts and investors

Debenhams plc Rachel Osborne, CFO

Katharine Wynne, Director of Investor Relations

020 3549 6304

Brunswick Group Tim Danaher/Craig Breheny/Fiona Micallef-Eynaud

020 7404 5959

[email protected]