By Michael Susin
THG said it has raised 90 million pounds ($116.3 million) through a share placing and loans to reduce its debt.
The U.K. e-commerce company--known as The Hut Group--on Tuesday said that it raised around 30 million pounds by placing 91.85 new shares, or around 6.95% of its total share capital, at a price of 32.3 pence a share. This represents a 5% discount compared to its closing price on Monday prior to the announcement.
The fundraise included a 60 million pound contribution from its Chief Executive Matthew Moulding through a convertible loan and partly paid shares.
The cash will be used to reduce its debt through early repayment of loans, it said.
"Following on from the Ingenuity demerger and FTSE 250 inclusion, the equity placing and collective refinancing represents another significant step in THG's simplified debt and equity investment case as a cash generative global retailer and brand owner, well positioned to deliver on its next phase of development in its growing consumer markets," the company said.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
March 25, 2025 03:22 ET (07:22 GMT)
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