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B&M Launches 250 Million Senior Secured Notes Offering

649-whitby-store-front 725 x 500

B&M European Value Retail S.A. (BME:LN) announces today that it intends to offer sterling-denominated senior secured notes in an aggregate principal amount of approximately £250 million due 2028 (the "Notes"). 

The Company intends to use the gross proceeds from the offering of the Notes for general corporate purposes and to pay fees and expenses incurred in connection with the offering of the Notes.   

SSA Investments S.à r.l. ("SSA"), a related party of the Company which is beneficially owned by Simon Arora, Bobby Arora and Robin Arora (Simon Arora being the Chief Executive Officer of the Company and Bobby Arora and Robin Arora each being a person discharging managerial responsibility in relation to the Company's group), has delivered an undertaking, subject to (i) receipt by the Company of the sponsor confirmation that the terms of the proposed transaction are fair and reasonable as far as shareholders of the Company are concerned as required by Listing Rules of the Financial Conduct Authority (the "Listing Rules") and (ii) the issuance of the Notes to the Initial Purchasers, to purchase from the Initial Purchasers an amount equal to 22.5% of the principal amount of the Notes, and the Initial Purchasers have, subject to those conditions, undertaken to allocate an amount equal to 22.5% of the principal amount of the Notes in the offering to SSA.  Subject to this transaction being completed, it will constitute a smaller related party transaction under Listing Rule 11.1.10R. Settlement of the transaction is expected to take place on or about 24 November 2021.  As a related party transaction this disclosure is also made under the Luxembourg law of 24 May 2011 on the exercise of certain rights of shareholders (as amended), in relation to the disclosure of material related party transactions. 

The Notes will be senior secured obligations of the Company and guaranteed by certain of its subsidiaries. The Notes will rank pari passu in right of payment with the Company's obligations in respect of its existing senior credit facilities and its existing £400 million 3.625% senior secured notes due 2025.

Last week, B&M reported strong interim results for the six months ended 25th September, advising that the business was well placed to navigate supply and inflationary pressures faced by the industry.

Source :  B&M

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15 November 2021

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