New Look launches £800m bond offering

New Look, which was refinanced by Apax and Permira with €1bn in 2006, has offered senior secured notes for institutional investors, due to mature in 2018. The UK-based fashion retail group plans to use the proceeds to pay down its existing debt and associated costs.

New Look was already subject to a refinancing in 2005, according to reports. The two GPs subsequently tried to exit the business via various routes, including an auction and several IPO attempts, but struggled to raise an attractive enough offer. They were said to be targeting at least £1.8bn.

Apax and Permira acquired Weymouth-based New Look in a £699m take-private in 2004. The business posted a turnover of £1.48bn in 2012 with an EBITDA of £198m.

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• Topics
• UK / Ireland
• Consumer
• Financing
• Apax Partners
• Permira
• United Kingdom
• Refinancing