B&M European Value Retail announces £350 million offering of five-year secured notes

By Paul A. Harris

Portland, Ore., July 1 – B&M European Value Retail SA announced in a Wednesday press release that it intends to offer £350 million of senior secured notes due 2025.

Moody's Investors Service has assigned its Ba3 rating to the notes. S&P Global Ratings has assigned the notes its BB- rating.

The notes are offered in connection with the refinancing of certain of the company’s existing senior credit facilities and existing notes. The existing facilities will be replaced by new senior credit facilities, which will include a new £300 million term loan A, and a revolving credit facility of up to £155 million.

Proceeds from the notes, together with the new term loan A and cash on hand, will be used to refinance all of the existing senior facilities, to pay off the 4 1/8% senior secured notes due 2022 and for general corporate purposes.

The variety retailer is based in the United Kingdom.

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