Shop Direct  7.75% 15 Nov 2022

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.

Bond Information

Coupon

7.75%

Maturity Date

15 Nov 2022

Next Interest Payment

15 May 2020

Interest Period

6 months

ISIN

XS1709298969

Asset Security

First Ranking charge over company assets

Amount

£550,000,000

Ratings

Moody's:  B2, Fitch:  B

Call Schedule

15 Nov 2019 at 103.875
15 Nov 2020 at 101.938
15 Nov 2021 at 100

Status

Payments on time

* Current Yield and Yield to Maturity are on estimated return calculations and not guaranteed. All yields shown are gross of Taxation and our Service Fee.

Company Information

Company Legal Name

Shop Direct Funding plc

Industry

Retail

Country of Origin

UK

Year of Incorporation

2005

Ownership Status

Private

Capital Structure

Senior Debt 17%

Equity 83%

Cash

-1.2%

Senior Notes (combined)

6.2%

Content Liabilities

12.0%

Net Debt

17.0%

Equity

83.0%

Enterprise Value

100.0%

EDITDA

£883,000,000

Cash interest

£226,400,000

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.

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.

Key Financials

Revenues

11,607

Growth %

38.1%

EDITDA

1,681

Margin %

14.5%

Cash balance

3,067

Source: Public Company Information

Reports & Information

Throughout our site you will find links to external websites. Although we make every effort to ensure these links are accurate, up to date and relevant, we cannot take responsibility for pages maintained by external providers.

Throughout our site you will find links to external websites. Although we make every effort to ensure these links are accurate, up to date and relevant, we cannot take responsibility for pages maintained by external providers.

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