New Look close to securing £100m refinancing

New Look is reported to be close to securing a £100m debt refinancing facility and is in advanced talks with Blazehill Capital and Wells Fargo.

The new facility would replace a term loan that matures in June 2024 and give the high street chain breathing space as it weathers the tough conditions for fashion retailers at present.

According to Sky News, talks about refinancing the debt, holders of which include Alteri, Davidson Kempner and an arm of Goldman Sachs, have been ongoing for months and were first reported in June. 

A New Look spokeswoman told Sky News: "With New Look's c.£100m term loan maturing in June 2024, the group is currently in positive discussions with advisers and potential lenders regarding a refinancing.

"The business continues to deliver on its strategic objectives, underpinned by its omnichannel strategy, fashion credentials and great value product."

In the year ended 25 March 2023, New Look reported total revenues of £895m and EBITDA up 67% at £42.2m.