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)