Asda refinanced £3.2bn debt with extended maturity dates and higher interest rates due to strong investor demand.
Asda, UK's 3rd largest supermarket chain, successfully refinanced £3.2bn debt, extending maturity dates beyond 2030 with higher interest rates due to strong investor demand. The company had a net debt of £3.8bn in 2023, primarily from the £6.8bn takeover by Issa brothers & TDR Capital in 2021. Asda used £300m from reserves to reduce gross debt, extended revolving credit facility to £748m, and saw earnings before tax, interest, & other costs rise 24% to £1.1bn in 2023.
May 03, 2024
6 Articles