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BL Superstores to redeem all class A2, B2 notes, some class B3 notes
By Angela McDaniels
Tacoma, Wash., May 23 – BL Superstores Finance plc will redeem its class A2 4.482% bonds due 2030 and class B2 5.27% bonds due 2030 in full and its class B3 5.578% bonds due 2030 in part, according to a notice to bondholders.
The issuer said it will redeem £82,979,405 principal amount of class A2 bonds, £40,605,888 principal amount of class B2 bonds and £43,084,230 principal amount of class B3 bonds on the July 4 interest payment date.
The bonds will be redeemed at an amount equal to the whole of the principal amount outstanding (originally £50,000) being so redeemed of such bond multiplied by the redemption percentage.
The redemption percentages are as follows:
• £18,688 per principal amount outstanding, or £16,081 principal plus £2,607 premium, for the class A2 bonds;
• £9,540 per principal amount outstanding, or £8,460 principal plus £1,080 premium, for the class B2 bonds; and
• £55,945 per principal amount outstanding, or £43,964 principal plus £11,981 premium, for the class B3 bonds.
The normal mandatory repayment installments and interest payments on all the bonds will also be made on July 4.
The issuer said the companies that own 11 stores have been sold and so the relevant mortgaged properties, property companies and nominee companies have been released from the security for the bonds.
This sale gave rise to an obligation on BL Superstores (Funding) Ltd. as borrower to prepay an amount of its intercompany loan. The issuer wishes to exercise its option to make the bond redemption in part from the proceeds of this prepayment.
The principal amount prepaid on the class B3 bonds will be applied to reduce the bond amortization amount payable on the interest payment date falling in October 2025 to £6,037.
The London-based issuer provides funding to fellow subsidiaries of BL Sainsbury Superstores Ltd.
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