Boohoo repays £50m of its £97m term loan

(Sharecast News) - Boohoo Group announced the repayment of £50m from its £97m term loan on Monday, as part of its recently completed refinancing arrangements. The repayment significantly reduced the AIM-traded company's outstanding debt, as the board worked to optimise the firm;s balance sheet and position itself for long-term growth. "Following the conclusion of the recently announced oversubscribed placing we are today pleased to announce the repayment of £50m of our term loan," said chief executive officer Dan Finley.

"The repayment will be made with funds raised from the placing and through the group's initiative to reduce stock levels as we become a leaner and lighter business, focused on maximising value for all our shareholders.

"The board would like to thank our banking syndicate for their continued support."

At 1053 GMT, shares in Boohoo Group were down 0.07% at 33.64p.

Reporting by Josh White for Sharecast.com.