New Look Bondco I plc -- Moody's changes outlook on New Look's ratings to positive from stable and assigns provisional ratings to proposed issuances of new notes

London, 08 June 2015 -- Moody's Investors Service has today affirmed and changed to positive from stable the outlook on New Look Retail Group Limited's (New Look) B3 corporate family rating (CFR), probability-of-default rating (PDR) and subsidiaries. Concurrently, Moody's assigned a (P)B2 rating to New Look Secured Issuer plc's envisaged fixed and floating rate Senior Secured Notes due 2022 totaling approximately GBP 1,000 million equivalent, and a (P)Caa2 rating to the GBP 200 million Senior Notes due 2023 to be issued by New Look Senior Issuer plc. The proceeds from the new notes will be used to effect a full refinancing of existing debt facilities, with the existing senior secured notes due 2018 and the existing PIK Facility to be redeemed in full. Cash on the Balance Sheet will part fund related fees and expenses.

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