Private equity-controlled Douglas on Friday said it has agreed at 2.55 billion euro ($3.01 billion) debt refinancing to support its shifts to a growing online business. The package includes a 600 million euro senior secured term loan, 1.305 billion of senior secured notes, 475 million of senior payment-in-kind notes and a 170 million revolving credit line.
Majority owner CVC Capital Partners and the founding Kreke family are providing an additional 220 million euros of equity funding, Douglas said.
The retail chain has been hit by lockdown measures during the coronavirus pandemic with sales dropping 7.1% to 1.2 billion in the October-to-December quarter. It has been investing to expand its fast-growing online business.
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