The Russian-linked investment vehicle which took control of the health foods retailer five years ago is proposing to buy back its debts at a discount, Sky News learns.
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One banking source familiar with LetterOne's proposal said it was being pitched at between 75% and 80% of the loans' face value. "In light of the concerns expressed by lenders regarding the performance of H&B, the sanctions landscape, the increasingly challenging consumer retail business environment and, additionally, the significant operational and business changes H&B requires to improve its performance trajectory on a long-term basis, each lender is being invited to participate in the tender offer to provide them with the option to exit their position in cash today rather than wait until the maturity of...
In a statement issued to Sky News, a LetterOne spokesman said:"LetterOne is supportive of the actions being taken by the management of H&B to achieve the group's long-term vision."L1 is therefore making a fair offer that gives lenders a choice about whether to stay involved. "It is time to focus on a great business that provides vital jobs and improves communities' health and wellbeing."It was founded as a single store in 1870 in Bishop's Stortford, and has been owned by several different parties, including the buyout firm Carlyle.
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