Frasers Group PLC

Regulatory Filings • Mar 13, 2019

National Storage Mechanism | Additional information

You don't have Javascript enabled. For full functionality this page requires javascript to be enabled.

RNS Number : 8081S

Sports Direct International Plc

13 March 2019

Date: 13 March 2019

SPORTS DIRECT INTERNATIONAL PLC

("Sports Direct" or the "Company")

STATEMENT REGARDING OFFER OF LOAN TO DEBENHAMS PLC

Sports Direct refers to the announcement of Debenhams plc (Debenhams) to the effect that Debenhams is in negotiations with its current lenders as regards entering into additional facilities of approximately £150m, £40m of which would be used to refinance the new secured £40m bridge facility announced by Debenhams on 12 February 2019. 

Sports Direct wishes to confirm that it has made an alternative proposal to Debenhams. 

Under Sports Direct's proposal, on or before 31 March 2019:

Sports Direct would make a £150m unsecured term loan (of 12 months) to Debenhams.  Of the total amount of the lending, £40m would be used to repay Debenhams' £40m bridge facility with an attendant release of security. The remaining £110m would be available for general working capital.

Debenhams would agree to put a proposal to its independent shareholders to approve the issue of circa 5% new shares at the prevailing market price to Sports Direct (so as to increase Sports Direct's shareholding to circa 35%).  If the 5% share issue and related "whitewash" was approved by Debenhams' independent shareholders, the £150m loan would be guaranteed to be interest-free. If such approvals were not forthcoming, the loan would bear interest at 3%. 

Mr Mike Ashley would become a director and the CEO of Debenhams.

-Ends-

Sports Direct International plc Cameron Olsen, Company Secretary LEI: 213800JEGHHEAXIJDX34	T. 0344 245 9200 E. investor.relations@sportsdirect.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

STRBIGDXCDBBGCX