Rapha undergoes refinancing operation to write off debt but says it “far outperformed” rivals in 2022 Premium cycle clothing business says debt-for-equity swap involved existing shareholders and will help reduce its cost of borrowing cycling
reveal that Carpegna Limited, the holding company of the north London-based business, underwent a debt-for-equity swap on 16 January this year, a process through which debt owed by a company is converted into shares, thereby reducing its total borrowings.
Francois Convercey, who was appointed co-managing director of the business in November, told road.cc: “Rapha confirms that it has recently concluded a debt-for-equity swap. Convercey said that the debt-for-equity swap would reduce Rapha’s overall borrowing costs, clearly an important consideration for any business given sharp rise in interest rates in recent months following a decade and a half when they had remained at historically low levels.
In spring last year, the company negotiated an additional £8 million 12-month revolving credit facility with the bank.
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