New Look (UK)

1969

Private

Status: Performing

All payments are on time

All covenants met

BACK TO MARKET


Amount

£700,000,000

Current Yield

8.7%

*
Estimated Yield to Maturity

13.7%

**
Maturity Date

01 Jul 2022

Interest Payment Frequency

6m

Next interest payment

15 May 2018

Asset Security

First ranking charge over company assets

Industry Type

Retail

Next Call

24 June 2018 103.25, 24 June 2019 101.625, 24 June 2020 100.0

ISIN

XS1248516616


Business Description

New Look started in 1969 as a single fashion store in the UK. From there it has grown to become a leading fast-fashion brand, with 569 stores in the UK and over 200 across Europe, China and Asia. Their transactional website newlook.com now ships to around 120 countries world-wide generating 14% of revenues. New Look has a significant presence in social media, over 3.0 million Facebook fans, 269,000 following us on Twitter and over 741,000 following us on Instagram. 3.5 million have subscribed to their email alerts in the UK alone.


Capital Structure

Source: Public Company information, Press, Market supplements
* An asterisk next to an item indicates there is additional information available if you hover over it. You can also find a definition of the terms used on this page in our Glossary here
Based on EUR415m of bonds converted at £0.87459 to EUR1 as at 07.06.17
The company bought and cancelled £23.2m of the bonds in September 2016
§ At current EBITDA equity is assumed to be zero. Original purchase price paid of 9.0x EBITDA (£1.9bn purchase price on 2014 EBITDA of £211m)

Information


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* This is the estimated return an investor can expect to receive over the next 12 months expressed in percentage terms. It is the sum of the expected interest payments over the year and where the coupon is partly dependent on Libor uses market based Libor forecasts at each coupon date and also takes into account the Note's current price. It is gross of taxation and our Service Fee. The current yield is therefore an estimated return only and is not guaranteed and may be revised in the future.
** This is an estimated annualised return gross of taxation and our Service Fee assuming the investment is held to maturity. It equates the present value of expected future interest payments of a Note into an annual yield across its life relative to the Note's current price. Where the interest coupon is partly dependent on Libor it uses market based forecasts of Libor and assumes that all interest is re-invested at a rate equal to the Yield to Maturity. For floating rate coupons because current market based forecasts are for Libor to increase in future years the calculation of Yield to Maturity assumes the interest paid to investors will be higher in future years. However, there is no guarantee that the Bank of England will raise interest rates or that Libor will increase as a result. In addition, any changes to the financial circumstances of the company or changes in the economic terms of the underlying loan could also impact future interest payments. The Yield to Maturity is therefore an estimated return only and is not guaranteed.

Status: Performing


Notes:

The company currently has no outstanding notes.

Capital at risk. No FSCS cover. See Risk Statement.

 

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