Jane Norman

Canaccord Genuity was engaged by Jane Norman to advise on the Company's restructuring with its lending syndicate.

The transaction involved a resetting of the Company's covenants and a rescheduling of the senior facility amortisation, allowing a repayment window until March 2011. Second lien interest payments were also converted from cash pay to PIK, allowing further cash headroom. In return, both the senior and second lien lenders received a margin uplift.

The Company's £136m of debt remains in place and management have retained their 20% equity holding in the business. The majority of the remainder of the equity was redistributed among the lending syndicate.

The successful restructuring, completed on 18 December 2009, ensures that Jane Norman is on stable financial footing going forward and management is confident that the Company can drive significant financial growth as a result.

Canaccord Genuity advised Jane Norman on its restructuring.