GROCERY NEWS UK
Morrisons’ new owner looks to raise £1bn
27 April, 2022 | by Natalie Fresen
Morrisons’ new owners are looking to raise more than £1bn to repay some of the financing put in place when they bought the supermarket for £7bn last autumn.
Clayton, Dubilier & Rice won a protracted bidding war with Fortress after it had initially offered £5.5bn for the Bradford-based retailer.
The deal was the largest leveraged buyout of a British company for more than 10 years.
It now plans to raise £1.075bn in senior secured notes, paying 5.5% for the five-year term.
CD&R’s banks have already placed £1.2bn of junior secured notes with the Canada Pension Plan Investment Board.
Earlier this month, it was reported CD&R had appointed advisers to oversee the £500m disposal of a large part of Morrisons’ manufacturing and distribution facilities.
