Fashion retailer The Very Group refinances debt after raising £575m bond
Online fashion retailer The Very Group has raised a £575m bond that will expire in 2026 to refinance its debt.
The bond was raised through the issuing of senior secured notes due in 2026 and will be used to refinance and extend the group’s existing debt.
The 6.5 per cent notes were rated “B3 stable” by investors service Moody’s, with an orderbook at the final pricing of over £950m.
The Littlewoods and Very owner’s sales soared as shoppers turned online amid pandemic store closures and is reportedly now looking at a £4bn flotation.
Revenue was up 2.9 per cent to £2bn results in the year ending June 2020 show. The Liverpool-based company reported a £48m profit compared to a £185million loss the year before.
The company’s most recent results to the year ending June 2020 show revenue up 2.9 per cent, to £2billion, with a profit of £48million, against a £185million loss the previous year.
“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.”