The supermarket giant has refinanced its huge debt pile into next decade.
Following ‘strong demand’ from investors, Asda has managed to shift a large amount of its debt after a series of refinancing deals. Today it was announced that the supermarket giant, owned by Blackburn's billionaire Issa brothers, completed refinancing deals on around £3.2 billion worth of debt. The maturities on these debts were pushed back past 2030 with the retailer paying higher interest rates on the new bonds.
Michael Gleeson, Asda’s chief financial officer, said: “We saw strong demand from investors after taking a thoughtful and prudent approach to refinancing our near-term debt well ahead of maturities, to further strengthen our balance sheet. “The refinancing also reflects the wider strength of Asda as a diversified retail group with a strong grocery business at its core.
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