// B&M looks to secure financial boost of £250m
// The retailer said it aims to offer senior secured notes which would be due in 2028
B&M has announced plans to secure a financial boost of £250 million after facing challenging trading conditions.
The retailer said it aims to offer senior secured notes which would be due in 2028.
A senior note is a type of corporate bond and would be paid before a junior note if a company enters bankruptcy.
READ MORE: B&M revenue smashes £2bn but warns of “uncertain” second half
Senior notes are typically unsecured debt and they aren’t secured by collateral.
B&M said it aims to use the gross proceeds for “general corporate purposes” and to pay fees and expenses incurred in connection with the offering of the notes.
The retailer saw a group revenue of £2.268 billion for the six months to September 25, up from £2.242 billion.
UK sales increased from £1.885 billion to £1.909 billion. Pre-tax profits were at £241.3 million, up from £235.6 million.
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3 Comments. Leave new
They have been over stretching their finances for the last three years at least. They expect their customers to pay for this with significantly increased prices, whilst relying on am illusion of low pricing.
I’d be wary
Companies in trouble executives are paying more than they can afford
Major flaw in trying to expand too quickly and board members/shareholders still holding out their hands for dividends at end of the financial year better investing it back into the company