The Very Group raises £575m through bond issue

The Very Group raises £575m through bond issue
// The Very Group raises £575m through the issuing of senior secured notes due in 2026
// The funds will refinance and extend The Very Group’s existing debt

The Very Group has raised £575 million through the issuing of senior secured notes due in 2026.

The online retail firm, which owns Littlewoods and Very, said that the 6.5 per cent notes were rated “B3 stable” by investors service Moody’s.

As a result, it attracted “strong demand” from investors, with an orderbook at the final pricing of over £950 million.


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The Very Group said that gross proceeds would be used, together with cash on balance sheet, to redeem in full the issuer’s £550 million aggregate principal amount of 7.75 per cent senior secured notes due in 2022.

It would also be used to pay the costs, fees and expenses incurred in connection with the transactions.

“We are very pleased to have launched this bond, which refinances and extends our existing debt,” The Very Group chief financial officer Ben Fletcher said.

“The offer was significantly oversubscribed, and we are grateful for the continued support shown by our fixed income investor base.

“The demand shown is testament to our strong performance and resilient business model, which gives customers access to brands they love via flexible ways to pay.

“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’.”

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