The retailer has successfully secured a £200m issue of US Private Placement (USPP) notes and a bank term loan of £120m.
Group chief financial officer Max Izzard said: “This refinancing strengthens our balance sheet, extends our debt maturity profile, and diversifies our capital structure. It also opens the door to future access to new debt investor bases, and we’re grateful for the continued support from our banking partners.”
This refinancing will diversify the Group’s sources of debt financing and extends the Group’s debt maturity profile in advance of a convertible bond maturing in May 2026.
The news comes as the retailer confirmed it is exploring options for selling off its High Street business, with Modella Capital, the owners of Hobbycraft, and Alteri, which owns Bensons for Beds the last two bidders in the talks to buy out WHSmith’s 500 High Street stores.
The business is prioritising growth in travel locations such as airports and rail stations. The Group’s Travel business has over 1,200 stores across 32 countries, and 75% of the Group’s revenue and 85% of its trading profit comes from the Travel business.
