Update on ASOS’ refinancing and use of proceeds

Following the successful placement of Convertible Bonds due 2028 and concurrent repurchase of outstanding Convertible Bonds due 2026, ASOS confirms that:

• £253m was exchanged into the Convertible Bonds due 2028, from the Convertible Bonds due 2026,
• £173.4m of the Convertible Bonds due 2026 was accepted for repurchase, and
• £73.6m remains in the Convertible Bonds due 2026.

There is therefore outstanding £73.6m of Convertible Bonds due 2026 and £253m of Convertible Bonds due 2028.

As a result of the net proceeds from the sale of a majority stake in the Topshop and Topman IP to a Joint Venture and the discounted repurchase of the Convertible Bonds due 2026, ASOS' net debt position has been reduced by approximately £150m.