UK Grocer Asda Seeks to Tackle Debt Wall With New Loan, Bond
- UK’s third-largest supermarket seeks to refinance debt
- Asda looking to secure term loan as early as next week
A shopper at an Asda store in London, UK.
Photographer: Hollie Adams/BloombergThis article is for subscribers only.
Asda Group Ltd. is planning a bond and loan issuance to help refinance the debt pile that supported its acquisition by gas-station entrepreneurs Mohsin and Zuber Issa, according to people familiar with the matter.
Britain’s third-largest supermarket chain is looking to raise £1.75 billion ($2.16 billion) through the bond sale, said the people, who asked not to be identified because they’re not authorized to speak publicly about the plans. Separately, it is also marketing a €1.05 billion ($1.1 billion) term loan, according to an announcement seen by Bloomberg.