.Farfetch has further boosted its liquidity in these uncertain times.
LONDON — Farfetch has further boosted its liquidity in these uncertain times, raising an extra $350 million in debt through the issue of convertible senior notes due in 2027. Earlier this year, the company had tapped Tencent and Dragoneer Investment Group for $250 million, via a similar debt issue.
The notes will be senior, unsecured obligations of Farfetch and will accrue interest payable semiannually in arrears on May 1 and Nov. 1 of each year, beginning on Nov. 1, 2020. The notes will mature on May 1, 2027, unless earlier converted, repurchased or redeemed, the company said. The notes will be convertible into cash, Farfetch’s Class A ordinary shares, or a combination of cash and Farfetch’s Class A ordinary shares, at Farfetch’s election. Farfetch said it may redeem the notes for cash at any time prior to maturity if certain tax-related events occur.
At the time, Farfetch said financing would supplement its current liquidity position. As of Dec. 31, the company’s cash and cash equivalents balance amounted to approximately $320 million. Cowen is bullish on Farfetch generally: It is modeling low double-digit percentage gross merchandise value growth for fiscal 2020 versus luxury sector trends of minus 20 percent, or worse.
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