B&M to issue £250m in senior secured notes

UK discount retailer B&M is to issue £250m in senior secured notes due 2029.

The notes will be issued under B&M's existing £500m senior secured notes programme, and will be used to refinance existing debt and for general corporate purposes.

The notes will have a coupon of 4.25% and will be issued at a price of 98.667%. They will be callable from 2026 at a price of 101%.

The issue is expected to close on 23 June 2023.

B&M is a leading UK discount retailer with over 1,100 stores. The company has been growing rapidly in recent years, and its sales rose by 19.6% in the last financial year.

The issue of senior secured notes is a sign of confidence in B&M's future prospects. The notes will help the company to reduce its debt burden and free up cash for investment in new stores and other growth initiatives.