The Very Group completes refinancing

The notes are set to be issued to certain investors on or around June 2 depending on customary conditions. 

The cash proceeds and additional cash are expected to be used to redeem its existing £575m senior secured notes due August 2026.

The maturity of the new notes can be extended to August 2030, subject to certain conditions such as credit rating outcomes.

The Very Group has also secured a revolving credit facility of up to £150m which is due in February 2027.

This will replace the group’s current £50m senior secured revolving credit facility and £100m super senior revolving credit facility.

The retailer said it anticipates achieving adjusted EBITDA between £300m and £305m in the current financial year, and £305m to £320m in the next financial year.

The Very Group chief finance and transformation officer Ben Fletcher said: “We have committed to a timely and transparent refinancing of our existing debt, and I am delighted to be able to share this update. 

“Extending the group’s financial maturities out until 2027 demonstrates the continued confidence of our partners in The Very Group. 

“Our business is performing strongly as evidenced by our first half results, and today’s announcement allows us to focus on the continued delivery of our plan, with the ongoing support of our partners IMI and Carlyle. I would like to thank all our advisors for their support.”