Michael Hill secures debt extension
The key variation in the Amendment and Restatement Deed is an extension of the maturity date for the multi-option facility to 30 September 2021.
The facilities of the deed comprise of a varying limit, from $70 million to $110 million, with the revised maturity date; and operational facilities with a combined limit of approximately $20 million, subject to annual reviews.
The revised deed comes just a week after the jewellery retailer announced it would be winding up its struggling Emma & Roe brand to instead refocus resources on its core Michael Hill business.
Six stores and an e-commerce platform will be shut down in the closure, following on from the 24 stores already closed since March.
Australian operations have been struggling for some time, with same-store sales declining 0.3 per cent for the nine months to 31 March, causing the company to miss its revenue targets in fiscal 17 – leading to a $6.9 million loss.