Asos enters final stages of financial amendment
It comes after Sky News reported that banks including Barclays, HSBC and Lloyds Banking Group were lining up AlixPartners and law firm Clifford Chance to advise the online retailer on the situation
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Online fashion retailer Asos has said it is in the final stages of agreeing an amendment to the future financial covenants in its revolving credit facility.
It comes after Sky News reported that banks including Barclays, HSBC and Lloyds Banking Group were lining up AlixPartners and law firm Clifford Chance to advise the online retailer on the situation.
The company reportedly approached the banks involved in its £350m revolving credit facility recently with the aim of seeking an amendment to its borrowing agreements.
It is due to report its full-year results on Wednesday 19 October.
In a statement, the company said: “Asos plc notes recent media reporting and confirms that it is in the final stages of agreeing an amendment to the future financial covenants in its Revolving Credit Facility, which matures in July 2024.
“This action will give Asos significantly increased financial flexibility, against the uncertain economic backdrop. Asos retains a strong liquidity position and this is a prudent step in the current environment.”
