Marks & Spencer has launched an offer to buy back up to £225m of corporate bonds and, subject to take-up, issue new debt with longer maturity.

The retailer invited holders of two outstanding bonds to sell them to the company through a modified Dutch auction process – a system limiting the spread at which a bargain is struck.

Eligible bondholders have until November 24 to participate.

Marks & Spencer said: “The purpose of the invitation and the company’s contemplated raising of new financing is to take advantage of current favourable market conditions in the debt capital markets and to extend the company’s debt maturity profile.”