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Debenhams asks bondholders to back plan for £200 million of new loans

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Debenhams asks bondholders to back plan for £200 million of new loans
FILE PHOTO: Shoppers walk past a window display at the Debenhams department store on Oxford Street in London, Britain December 17, 2018. REUTERS/Simon Dawson/File Photo   -   Copyright  SIMON DAWSON(Reuters)
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LONDON (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.

(Reporting by James Davey, Editing by Paul Sandle)

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