Superdry plc: Extension and increase of secondary lending facility

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Superdry today announces that it has agreed an extension and increase to its secondary lending facility (the “Facility”) with Hilco Capital Limited (“Hilco”) that will provide the Company with improved liquidity headroom necessary to help facilitate the implementation of its turnaround plan and cost reduction programme.

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Wednesday, April 10, 2024

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Superdry today announces that it has agreed an extension and increase to its secondary lending facility (the “Facility”) with Hilco Capital Limited (“Hilco”) that will provide the Company with improved liquidity headroom necessary to help facilitate the implementation of its turnaround plan and cost reduction programme.
The existing asset backed lending facility with Bantry Bay Capital Limited (“Bantry Bay”) remains in place.
The interest rate is 11.5% plus the Bank of England base rate on the drawn element.
It is covenant-light, with borrowing availability based upon an asset base that is consistent with the Company’s current agreements with both lending parties.

Superdry plc (SDRY)

Superdry plc: Extension and increase of secondary lending facility

28-March-2024 / 16:36 GMT/BST

28 March 2024

Superdry PLC

(“Superdry” or the “Company”)

Extension and increase of secondary lending facility

Superdry today announces that it has agreed an extension and increase to its secondary lending facility (the “Facility”) with Hilco Capital Limited (“Hilco”) that will provide the Company with improved liquidity headroom necessary to help facilitate the implementation of its turnaround plan and cost reduction programme.

The existing asset backed lending facility with Bantry Bay Capital Limited (“Bantry Bay”) remains in place.

The Hilco Facility is to be extended by six months to 7 February 2025 and will see an additional £10m made available immediately and a further £10m available for the working capital peak between September and November, subject to the approval and implementation of cost saving measures. The interest rate is 11.5% plus the Bank of England base rate on the drawn element. It is covenant-light, with borrowing availability based upon an asset base that is consistent with the Company’s current agreements with both lending parties.

For further information, please contact:

Superdry
Matthew Lee	[email protected]	+44 (0) 1242 586747

Joint Corporate Brokers

Peel Hunt LLP		+44 (0) 2074 188900
George Sellar
Andrew Clark

Liberum Capital Limited		+44 (0) 2031 002000
John Fishley
Edward Thomas

Media Enquiries
Tim Danaher	[email protected]	+44 (0) 207 4045959

Cautionary Statement

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").

Dissemination of a Regulatory Announcement that contains inside information in accordance with the Market Abuse Regulation (MAR), transmitted by EQS Group.

The issuer is solely responsible for the content of this announcement.


ISIN:	GB00B60BD277
Category Code:	MSCL
TIDM:	SDRY
LEI Code:	213800GAQMT2WL7BW361
OAM Categories:	3.1. Additional regulated information required to be disclosed under the laws of a Member State
Sequence No.:	312686
EQS News ID:	1870257


End of Announcement	EQS News Service