Morrisons has today announced it has completed its recent refinancing exercise, paying down or agreeing additional loan terms on over £2bn of debt.
The grocer said it had issued £930m worth of new Sterling and Euro bonds dated to January 2031 and agreed an additional term loan of £450m dated November 2030.
The retailer has also repurchased £1.193bn worth of Sterling and Euro bonds dated 2027 and £450m of unsecured notes.
Morrisons said all this refinancing had reduced its total debt by £261m and extended maturities on the remaining debt.
Since being acquired by CD&R in October 2021, Morrisons said it has now repaid a total of £2.7bn in debt, bringing the current figure down to £3.5bn.
The grocery giant’s chief financial officer Jo Goff said: “We’re continuing to build a stronger, customer-focused Morrisons, renewing and modernising the business, while maintaining the traditional values that are our foundation.
“Against this backdrop, I’m very pleased with our further progress on debt reduction, with our debt levels now around 43% lower than in October 2021, while our retail estate remains over 80% freehold.”
In November 2024, the retailer announced it had paid down a further £200m of debt and extended the maturity of its revolving credit facility to 2030 – also reducing overall levels of debt.
At the time, credit agency Moody’s also extended the owner’s secured debt from B2 to B1, “reflecting the additional debt reduction and extended maturities” changing the outlook from negative to stable.
No comments yet