Sainsbury reaches out for international investors
euro-denominated and sterling-denominated bonds to broaden its
investor base beyond domestic...
The British supermarket chain J Sainsbury is to sell euro-denominated and sterling-denominated bonds to broaden its investor base beyond domestic accounts, reports eFinancial News. The deal will feature 10-year maturity for continental Europe, and longer maturity for the UK. The deal is to be launched at the end of June. Proceeds from this bond issue will be mainly spent on refurbishing the company's existing supermarket sites in the UK. Sainsbury also hopes to raise £575m through a securitisation of supermarket properties it leases in the UK in a deal that will be launched through UBS Warburg. It will be the supermarket's second asset-backed deal this year, following a £300m deal in which it outsourced information technology services using securitisation. Source: eFinancial News
