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The Very Group raises £575m after 'strong demand' from investors

Tom Shearsmith
11 August 2021

Liverpool-based retailer The Very Group has raised £575m by issuing senior secured notes due in 2026, which will be used to refinance and extend existing debt.

The online retail group, which owns Littlewoods and Very.co.uk, said that the 6.5% notes are "rated B3 stable by Moody’s and attracted strong demand from investors", with an orderbook at the final pricing of over £950m.

The gross proceeds will be used, together with cash on balance sheet, to redeem in full the Issuer’s £550 million aggregate principal amount of 7.75% Senior Secured Notes due 2022 and to pay the costs fees and expenses incurred in connection with the transactions.

Ben Fletcher, Chief Financial Officer at The Very Group, commented: “We are very pleased to have launched this bond, which refinances and extends our existing debt. The offer was significantly oversubscribed, and we are grateful for the continued support shown by our fixed income investor base.

“The demand shown is testament to our strong performance and resilient business model, which gives customers access to brands they love via flexible ways to pay. The Group is well positioned to continue its strong trading trajectory and remains focused on its purpose of making ‘good things easily accessible to more people’.”

Last month, The Very Group owners appointed STJ Advisors to prepare it for a £3 billion-plus flotation in London next year.


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