Mar 31, 2022
Holland & Barrett makes delayed loan payment after sanctions green light
HSBC has finally processed the delayed interest payment on debt owed by Holland & Barrett, the UK high street retailer with links to sanctioned Russian oligarchs. HSBC sought extra comfort from regulatory authorities before making the payment of interest on the €415mn loan to Holland & Barrett's creditors, which meant the debt was not covered in time to meet the deadline for payment. Severstal is not under any restrictions, but its majority owner, oligarch Alexei Mordashov, has been sanctioned by the UK and the EU. Barclays, another bank involved in the transaction, had already approved the Holland & Barrett payment, while a similar sterling-denominated loan was paid last week without issue. LetterOne said: "Holland & Barrett and LetterOne have been advised that HSBC, having received the payment of [euros] interest from Holland & Barrett on March 29, has made the payment to all lenders on March 31. Holland & Barrett is in full compliance with all its obligations to its lenders." One of Holland & Barrett's lenders confirmed to the Financial Times they had received payment of the coupon on Thursday.
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