Investment holding company Brait will hold a much smaller exposure to investee company New Look following the completion of a restructuring exercise undertaken by the British high street retailer. Brait informed investors on Friday that it will retain exposure to both the equity and debt of the company following a balance sheet restructuring that was undertaken to address the company’s crippling debt. Brait remains the largest shareholder in the company, owning an 18.5% stake. The largest feature of New Look’s restructuring is the removal of around £1bn of debt, which will halve the company’s annual interest bill to £40m. Debt will comprise the existing £100m revolving credit facility combined with £250m of the company’s senior secured notes that have now been reinstated. “The transaction provides New Look with a more flexible capital structure, significantly lowering its annual cash interest payment,” Brait said in a Sens story. In order to sustain ongoing investment and repay an...

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