Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Matalan refinances through £500m bond issue

Value retailer Matalan has refinanced its debt by issuing two bonds worth just under £500m.

The bonds – one worth £342m and the other worth £150m – are due for repayment in 2019 and 2020 respectively.  

Lloyds Bank Commercial Banking acted as joint lead arranger on the bonds and separately increased the size of Matalan’s revolving credit facility from £30m to £50m as part of the refinancing.

Matalan chief financial officer Stephen Hill, said: “This refinancing strengthens our financial position, providing us with a longer-term and more flexible capital structure that underpins the growth plans we have for the business.”  

Lloyds Bank’s funding was provided by its mid markets, acquisition finance and debt capital markets teams. 

Paul Foster, head of Lloyds Bank’s mid cap team, said: “Refinancing lowers Matalan’s cost of borrowing and consolidates its medium- to long-term funding structures. The business is well positioned to exploit the opportunities presented by the economic revival and upswing in consumer confidence.”         

The Skelmersdale-headquartered retailer, which has 227 stores across the UK and 14 franchised stores overseas, posted revenues or £1.12bn and EBITDA of £95.4m in the 53 weeks to March 1.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.