A surge in interest rates over the past two years has put strain on the pair’s business empire, who undertook a major debt reorganisation in a bid to deleverage. EG Group said it has now refinanced all of its debt due to have matured in 2025 “against a backdrop of a very challenging leveraged finance and high-yield corporate bond market.”
Last month supermarket Asda, which took on significant debt after acquiring much of EG’s UK forecourt business, said it had refinanced £3.2 billion in loans, including the biggest Sterling high-yield bond this year and the second-largest sterling bond in the European leveraged finance market – only behind Asda’s original £2.25 billion Sterling bond tranche in 2021.
Source: Yahoo Finance
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