300
Fashion Jobs
L'OREAL GROUP
Assistant CRM Manager
Permanent · HONG KONG
L'OREAL GROUP
Key Account Manager
Permanent · HONG KONG
H&M
Total Rewards Manager, Supply Chain
Permanent · TSIM SHA TSUI
H&M
Accounts Specialist
Permanent · TSIM SHA TSUI
ESTÉE LAUDER COMPANIES
Assistant Demand Planning Manager
Permanent · HONG KONG
ESTÉE LAUDER - BRAND
Retail Marketing Manager, Estée Lauder
Permanent · HONG KONG
CLINIQUE
Assistant Education Manager, Clinique
Permanent · HONG KONG
CLINIQUE
Senior Marketing Manager, Clinique
Permanent · HONG KONG
TOMMY HILFIGER
Senior Manager, Creative Services, Tommy Hilfiger Asia Pacific
Permanent · HONG KONG
AESOP
Retail Consultant
Permanent · SHA TIN
NEWELL
Senior Manager, Indirect Sourcing
Permanent · HONG KONG
L'OREAL GROUP
Group Product Manager
Permanent · HONG KONG
ADIDAS
Senior Manager, Materials Availability Management
Permanent · HONG KONG
L'OREAL GROUP
Assistant Purchasing Manager (Marketing, Digital IT)
Permanent · HONG KONG
PUMA
Manager Innovation Technical Apparel
Permanent · HONG KONG
DR. MARTENS
Head of Financial Accounting, Apac
Permanent · TSIM SHA TSUI
TJX COMPANIES
Director of Sourcing, Apparel -Hong Kong
Permanent · HONG KONG
A & F
Hollister CO. - Brand Representative (Part-Time / Full-Time), Hysan Place
Permanent · CAUSEWAY BAY
A & F
Hollister CO. - Brand Representative (Part-Time / Full-Time), Yoho Mall
Permanent · HONG KONG
A & F
Abercrombie & Fitch - Brand Representative (Part-Time / Full-Time), Harbour City
Permanent · TSIM SHA TSUI
KERING EYEWEAR
Kering Eyewear Assistant Trade Marketing Manager Travel Retail
Permanent · HONG KONG
JAEGER
Training Manager
Permanent · HONG KONG
By
Reuters
Published
Nov 5, 2014
Reading time
2 minutes
Download
Download the article
Print
Text size

Fat Face's dividend loan faces further changes

By
Reuters
Published
Nov 5, 2014

LONDON, United Kingdom - A 210 million pounds loan financing a dividend recapitalisation and refinancing for British outdoor clothing chain Fat Face could be adjusted to reduce leverage, banking sources said on Tuesday.

The deal, which launched in September with a 180 million pound term loan B, has already been adjusted twice in October, bringing losses to arranging banks Citigroup and Goldman Sachs.


Further changes could see the term loan reduced to 140 million pounds and a new 40 million pound second lien tranche included, which would reduce senior leverage and make the deal more attractive to investors, sources said.

Bridgepoint declined to comment.

The deal is still in syndication with pricing of 550bp with a discount of 94 percent of face value, they added.

A second lien loan is likely to have a margin of 550bp with a bigger discount of around 82 if it is added to the deal, one source said.

“At these levels, Fat Face becomes far more interesting,” a banker said.

The term loan was originally expected to pay 500-525bp over Libor with a discount of 99.5.

European private equity firm Bridgepoint bought Fat Face in 2007 for 360 million pounds, backed with 210 million pounds of leveraged loans that were amended and extended in 2012.

Bridgepoint withdrew a planned 110 million pound listing in London in May this year due to poor equity market conditions, according to Thomson Reuters LPC.

Around 120 million pounds of the term loan will be used to refinance existing debt, including a more expensive junior tranche and around 65 million pounds will fund a dividend payment to shareholders.
 

© Thomson Reuters 2024 All rights reserved.