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UMBRO SETS REFINANCING PLAN STILL NEEDED TO BE WORKED OUT
Published March 2, 1998
The refinancing of Umbro "could take another two months to complete," according to Patrick Harverson of the FINANCIAL TIMES. Umbro CEO Larry Ramaekers said that the company was looking to raise "substantial new capital" but had "still to decide on what sort of refinancing to pursue," with options including issuing subordinated debt or equity, or securing bank financing or bridge loans. Ramaekers also said the aim was to float an IPO within "one to three" years. Umbro is owned by SC-based Stone Manufacturing and it is believed "differences of opinion among family members" is one of the reasons behind Umbro's indecision on refinancing (Patrick Harverson, FINANCIAL TIMES, 2/28).