This agreement comes in addition to SuperDry’s existing asset backed lending facility with Bantry Bay Capital Limited and will help mitigate the headroom cap on this outstanding credit agreement. The facility with Hilco is for a 12-month term with the option to extend and is at an interest rate of 10.5 per cent plus the Bank of England base rate on the drawn element, SuperDry said in an official statement.

The financial arrangement is covenant-light, with borrowing availability based upon an asset base that is consistent with SuperDry’s current agreement with Bantry Bay. Upon signing, SuperDry must also meet a number of mutually agreed conditions subsequent to satisfy the terms of the agreement.

British fashion retailer SuperDry has secured up to £25 million in additional funding from restructuring specialist Hilco Capital Limited.
The funding will help accelerate SuperDry’s turnaround plan and cost reduction programme.
The 12-month facility, with an option to extend, has an interest rate of 10.5 per cent plus the Bank of England base rate.

Fibre2Fashion News Desk (NB)