New Look track record overcomes junk retail jitters

摘要

New look had no trouble shifting £1.2bn-equivalent of high-yield debt on Friday, effectively reopening the market for UK retailers after Phones 4U's dramatic collapse last year. The deal included a deeply subordinated Triple C rated tranche, which results in a substantial rise in cash pay leverage, making the feat even more impressive. "It's like the last nine months never happened," quipped one investor that looked at the deal.