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Asos PLC on Wednesday confirmed that £253 million has been exchanged into convertible bonds due 2028, from the convertible bonds due 2026, as part of a refinancing. Additionally, the London-based online-only fashion retailer said that £173.4 million of the convertible bonds due 2026 was accepted for repurchase, while £73.6 million remains. Accordingly, there is an outstanding £73.6 million of convertible bonds due 2026, and £253 million of convertible bonds due 2028. Asos added that, as a result of the net proceeds from its sale of a majority stake in Topshop and Topman, and the discounted repurchase of the convertible bonds due 2026, its net debt position has been reduced by £150 million. On Monday, Asos agreed to offload 75% of its stake in the Topshop and Topman brands in a deal which values them at £180 million. Asos sold the stake to Danish firm Heartland by forming a 75:25 joint venture with the Nordic company. Last Thursday, the firm also announced a debt refinancing, which will include the offering of £250 million in convertible bonds due in 2028, and the partial cash repurchase of its outstanding issue of £500 million in convertible bonds due in 2026. Shares in Asos were trading 0.8% higher at 429.76 pence each in London on Wednesday morning. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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