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boohoo Group PLC on Monday said it has repaid £50 million of its £97 million term loan using funds from a recent share placing. The Manchester, England based online fashion retailer and owner of PrettyLittleThing and Debenhams said it had notified the lenders of the repayment as part of its recently announced refinancing. boohoo raised £39.3 million from equity fundraising, mostly through an oversubscribed share pricing and subscription last month. The company planned to reduce debt and bolster its balance sheet. Recently, it has also attempted to fend off pressure from its largest shareholder Frasers Group PLC to install Mike Ashley, the founder of Sports Direct owner, as boohoo chief executive. Chief Executive Officer Dan Finley said: ‘Following the conclusion of the recently announced oversubscribed placing we are today pleased to announce the repayment of £50 million of our term loan. The repayment will be made with funds raised from the placing and through the group’s initiative to reduce stock levels as we become a leaner and lighter business, focused on maximising value for all our shareholders. The board would like to thank our banking syndicate for their continued support.’ Shares in boohoo were down 0.5% to 33.50 pence in London on Monday afternoon. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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