March 22, 2019 / 9:12 AM / a year ago

Debenhams asks bondholders to back plan for 200 mln stg of new loans

LONDON, March 22 (Reuters) - Struggling British department store group Debenhams is seeking agreement from bondholders to change the terms of some of their bonds as part of a process to secure new loans of up to 200 million pounds ($262 million) from existing lenders.

Debenhams had previously said it was working on a plan to raise an additional 150 million pounds.

It said on Friday it was launching a “consent solicitation” for holders of its 5.25 percent senior notes due 2021. This process seeks consents from bondholders to certain amendments to the existing notes.

Debenhams said a successful consent solicitation would allow it to enter into the new loan facilities. ($1 = 0.7630 pounds) (Reporting by James Davey, Editing by Paul Sandle)

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