Brief: XXL Announces Agreement With Senior Secured Lenders And Rights Issue Of NOK 500 Million

Xxl AS

14/07/2023 07:19

July 14 (Reuters) - XXL ASA  XXL.OL :
    * XXL ANNOUNCES AGREEMENT WITH ITS SENIOR SECURED LENDERS
AND
FULLY UNDERWRITTEN RIGHTS ISSUE OF NOK 500 MILLION SECURING
FINANCIAL FLEXIBILITY WHILE UNDERTAKING IMPROVEMENT INITIATIVES
    * ANNOUNCES AN AGREEMENT WITH ITS SENIOR SECURED LENDERS
REGARDING
EXTENSION OF ITS SENIOR SECURED FINANCING FACILITIES AND
AMENDMENT OF FINANCIAL COVENANTS
    * ANNOUNCES A FULLY UNDERWRITTEN RIGHTS ISSUE OF NOK 500
MILLION
    * CONTINUED WEAK MARKET HAS TRIGGERED A NEED FOR FURTHER
FINANCIAL
FLEXIBILITY
    * FOCUS IN 2023 IS ON TOP LINE QUICK WINS AND COST CONTROL
    * OVER NEXT 12 - 24 MONTHS, COMPANY HAS AN AMBITION TO
IMPROVE ITS
EBITDA EX IFRS 16 EFFECTS WITH NOK 500 - 750 MILLION
    * WANTS TO IMPROVE EBITDA THROUGH REDUCTION IN PURCHASING
PRICES, 
IMPROVING PRODUCT AVAILABILITY, UPSELLING AND IMPROVING STORE
OPERATIONS, PRICING AND E-COM INITIATIVES

Source text for Eikon:  ID:nObis4CT2a 
Further company coverage:  XXL.OL 

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