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Very Group to price £575 million five-year senior secured notes; price talk 6¼%-6½%
By Rebecca Melvin
Concord, N.H., July 28 – Very Group Funding plc plans to price £575 million five-year senior secured notes (expected ratings: B3//B-), according to a stabilization notice.
The notes are non-callable for two years, and a market source said the notes were being talked to yield 6¼% to 6½%.
The proceeds are expected to be used for refinancing the company’s £550 million of backed senior secured notes due 2022.
The issuer is a subsidiary of Very Group Ltd.
J.P. Morgan Securities plc, Barclays, HSBC, BNP Paribas, Morgan Stanley and SEB are bookrunners of the Regulation S deal.
The multi-brand online retailer and financial services provider is based in Speke, U.K.
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