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Clothing & Shoes

The Very Group raises £575m amid ‘strong’ investor demand

The retailer said that the 6.50% notes were rated ‘B3 stable’ by the investor service Moody’s and attracted ‘strong demand’ from investors, with an orderbook at the final pricing of over £950m

The Very Group has announced that it has raised £575m through the issuing of senior secured notes which are due in 2026.

The retailer said that the 6.50% notes were rated “B3 stable” by the investor service Moody’s and attracted “strong demand” from investors, with an orderbook at the final pricing of over £950m.

The gross proceeds will be used, together with cash on balance sheet, to redeem in full the issuer’s £550m “aggregate principal amount” of 7.75% senior secured notes due in 2022. The funds will also be used to pay the costs, fees and expenses incurred in connection with the transactions.

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