TIDMSPD

RNS Number : 8081S

Sports Direct International Plc

13 March 2019

Date: 13 March 2019

SPORTS DIRECT INTERNATIONAL PLC

("Sports Direct" or the "Company")

STATEMENT REGARDING OFFER OF LOAN TO DEBENHAMS PLC

Sports Direct refers to the announcement of Debenhams plc (Debenhams) to the effect that Debenhams is in negotiations with its current lenders as regards entering into additional facilities of approximately GBP150m, GBP40m of which would be used to refinance the new secured GBP40m bridge facility announced by Debenhams on 12 February 2019.

Sports Direct wishes to confirm that it has made an alternative proposal to Debenhams.

Under Sports Direct's proposal, on or before 31 March 2019:

Sports Direct would make a GBP150m unsecured term loan (of 12 months) to Debenhams. Of the total amount of the lending, GBP40m would be used to repay Debenhams' GBP40m bridge facility with an attendant release of security. The remaining GBP110m would be available for general working capital.

Debenhams would agree to put a proposal to its independent shareholders to approve the issue of circa 5% new shares at the prevailing market price to Sports Direct (so as to increase Sports Direct's shareholding to circa 35%). If the 5% share issue and related "whitewash" was approved by Debenhams' independent shareholders, the GBP150m loan would be guaranteed to be interest-free. If such approvals were not forthcoming, the loan would bear interest at 3%.

Mr Mike Ashley would become a director and the CEO of Debenhams.

-Ends-

 
 Sports Direct International 
  plc                                  T. 0344 245 9200 
  Cameron Olsen, Company Secretary     E. investor.relations@sportsdirect.com 
  LEI: 213800JEGHHEAXIJDX34

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END

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(END) Dow Jones Newswires

March 13, 2019 14:31 ET (18:31 GMT)

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