B&M to secure £250m through senior notes offering
Discount retail chain B&M is looking to raise £250m through the offer of senior secured notes.
The listed company said it intends to use the proceeds for “general corporate purposes” and to pay fees and expenses incurred in connection with the offering of the notes which will be due to be repaid in 2028.
The Liverpool-headquartered group only last week announced revenues rises as the company remains confident for the Christmas period.
In the 26 weeks to September 25, revenue reached £2.2bn and rose by 26.8 per cent on the same period two years ago.
However, group adjusted EBITDA came in at £282.2m compared to £295.6m in the prior year and group adjusted pre-tax profit dropped by 6.2 per cent to £238m in the period.
Boss Simon Arora said: “The group has performed strongly throughout the first half of our financial year, with customers continuing to be drawn to our value-for-money offer.
“We have responded decisively to supply chain challenges by leveraging our strong supplier relationships and we have improved in-store execution.
“As a consequence, we are fully stocked heading into the golden quarter, with stores already showcasing our excellent Christmas ranges.”
It is not uncommon for companies to offer senior secured notes which is considered to be more secure than other debt.