UK's ASOS secures new loan to boost liquidity & turnaround plans

ASOS enters the final phase of its multi-year turnaround with a significantly strengthened balance sheet and the right level of flexibility to focus on re-engaging customers at scale. The improved financial terms reflect the enhanced profitability and significant strategic progress of the Company during the successful execution of the first two phases of its journey, focused on building sustainably profitable and resilient foundations.

Aaron Izzard, ASOS CFO, said:

"I'm pleased to announce the further strengthening of our balance sheet and financial flexibility through this strategic refinancing. As well as offering improved financial terms, it better positions us to deliver on the final phase of our turnaround strategy and growth plans with greater confidence and resilience."

Notes:

The new financing facilities (the "Facilities") comprise a £150m term loan and an £87.5m DDTL with a syndicate of private lenders and are committed for a five-year term, maturing in November 2030.

The new Facilities provide a substantial increase in the Company's effective liquidity headroom of £87.5m through a replacement £150m term loan and access to a committed and readily available DDTL facility, effectively replacing the existing £75m Revolving Credit Facility and £50m accordion facilities, due 2027, which had £nil availability in the prior reporting period.

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ALCHEMPro News Desk (KD)