B&M European Value Retail announced plans to issue £250m in sterling-denominated senior secured notes on Monday, due 2031, to repay its existing senior secured notes maturing in 2025.
B&M European Value Retail S.A. (DI)
18 November 2024 12:42:15
Source: Sharecast
The FTSE 100 discount retailer said the proceeds would also address outstanding balances under its revolving credit facility as of 28 September, and support general corporate purposes, including working capital for store expansion and inventory growth.
It said the new notes would be senior secured obligations, guaranteed by certain subsidiaries, and would rank equally in payment priority with its existing senior credit facilities and previously-issued notes.
Those included the company’s £155.52m 3.625% notes due 2025, £250m 4% notes due 2028, and £250m 8.125% notes due 2030.
At 1224 GMT, shares in B&M European Value Retail were down 5.42% at 357.9p.
Halifax is not responsible for the content and accuracy of the Markets News articles. We may not share the views of the author. Understand the risks, please remember the value of your investment can go down as well as up and you may not get back the full amount you invest. We don't provide advice so if you are in any doubt about buying and selling shares or making your own investment decisions we recommend you seek advice from a suitably qualified Financial Advisor. Past performance is not a guide to future performance.
