Shop Direct (UK)

2005

Private

Status: Performing

All payments are on time

All covenants met

BACK TO MARKET


Amount

£550,000,000

Current Yield

7.7%

*
Estimated Yield to Maturity

7.6%

**
Maturity Date

15 Nov 2022

Interest Payment Frequency

6m

Next interest payment

15 May 2018

Asset Security

First Ranking charge over company assets

Industry Type

Retail/E-commerce technology

Next Call

15 Nov 2019@103.875, 15 Nov 2020@101.9375

ISIN

XS1709298969


Business Description

With annual sales of £1.9bn, Shop Direct is the UK’s second largest pureplay digital retailer. Their digital department stores Very.co.uk, VeryExclusive.co.uk, Littlewoods.com and LittlewoodsIreland.ie sell over 1,300 famous brands and receive over 1.2 million website visits a day, with 62% of online sales completed on mobile devices. With their department store range of famous brands, market-leading eCommerce and technology capabilities and unique financial services products offering flexible ways to pay, we make good things easily accessible to more people.


Capital Structure

Source: Public Company Information
* 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
Note pro forma capital structure here excludes £1,184m Receivables Securitisation facility given this is non-recourse to the rest of the company's assets.
Based on estimated valuation of the company reported in the press and upper end comparable valuations in the retail sector given the pure-play digital focus which has less embedded operational risk versus bricks and mortar retailers.


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* The coupon divided by the price. Where the coupon is partly dependent on Libor it uses market based Libor forecasts at each coupon date over the next 12 months.
** The estimated yield from holding a bond to maturity including interest and capital repayment and assuming interest is re-invested at the same yield. Please note this calculation may be adversely affected by features in bond such as calls or prepayments. Where the coupon is partly dependent on Libor it uses market based forecasts of Libor until the maturity date.
Please note that the current yield and yield to maturity are an estimated return calculation and not guaranteed. All yields shown are gross of taxation and our Service Fee.

Status: Performing


Notes:

The company currently has no outstanding notes.

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

 

Please note as a WiseAlpha member you are not lending directly to the corporate borrower. Instead, you are investing in a Participation Note, or “Note”, which corresponds and is backed by a specific loan or bond investment made through the WiseAlpha platform reflecting the key economic terms of the investment.

WiseAlpha Technologies Limited (FRN: 751087) is authorised and regulated by the Financial Conduct Authority in the UK.
WiseAlpha Technologies Limited is a company registered in England, with its registered office at Level 39, One Canada Square, Canary Wharf, London E14 5AB (Company No. 08967521).
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