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Superdry has announced that it has agreed a deal with Hilco Capital Limited for a secondary lending facility worth £25m.
The facility with Hilco is a 12 month term with the option to extend and is at an interest rate of 10.5% plus the Bank of England base rate on the drawn element.
The aim of the deal is to provide the company with improved liquidity to help accelerate the implementation of its turnaround plan and cost reduction programme.
This agreement comes in addition to the company’s existing asset backed lending facility with Bantry Bay Capital and will help mitigate the headroom cap on this outstanding credit agreement.
The borrowing availability is based upon an asset base that is consistent with Superdry’s current agreement with Bantry Bay.
Upon signing, the company must also meet a number of mutually agreed conditions to satisfy the terms of the agreement.
