Debenhams secures £200m refinancing lifeline

Debenhams has secured a £200m refinancing deal with its existing lenders.

The new finance includes £40m to replace the interim borrowing announced on 12 February.

The facilities are for £101m and £99m and the company has already served a drawdown notice for the full amount of the first facility.

Debenhams will be able to draw down the second facility of £99m only if it satisfies one of a number of milestones that it needs to reach by 8 April.

These milestones include Sports Direct or another major shareholder agreeing a firm and binding offer for Debenhams