Online retailer The Very Group issues £575m bond
Liverpool-based online retail giant The Very Group has raised £575m through the issue of senior secured notes.
The Very Group Funding, together with The Very Group Limited, confirmed it has successfully issued its £575m 6.50% senior secured notes, due 2026.
The notes are rated B3 stable by Moody’s and attracted strong demand from investors, with an order book at the final pricing of more than £950m.
The gross proceeds will be used, together with cash on balance sheet, to redeem in full the issuer’s £550m aggregate principal amount of 7.75% senior secured notes, due 2022, and to pay the costs, fees and expenses incurred in connection with the transactions.
The Very Group chief financial officer, Ben Fletcher, said: “We are very pleased to have launched this bond, which refinances and extends our existing debt.
“The offer was significantly oversubscribed, and we are grateful for the continued support shown by our fixed income investor base.”
He added: “The demand shown is testament to our strong performance and resilient business model.
“The group is well positioned to continue its strong trading trajectory and remains focused on its purpose of making ‘good things easily accessible to more people’.”
Last month the business was linked with a possible flotation after reportedly appointing STJ Advisors to prepare the company for an initial public offering on the London Stock Exchange next year.