Morrisons slashes debt by £2.4bn following restructuring
The restructuring included an extension of its Term Loan Facilities from 2027 to November 2030
Morrisons has announced a substantial reduction in its debt following a major restructuring process, lowering debt by £2.4bn.
In an official announcement, the supermarket chain has confirmed that since the beginning of 2023 its debt fell from a peak of £6.2bn to £3.8bn. This includes a further repayment of an additional £200m.
The restructuring included an extension of its Term Loan Facilities from 2027 to November 2030.
In addition, Morrisons’ Revolving Credit Facility has, subject to customary springing mechanics, also been extended to August 2030.
Back in September, the supermarket signed a £370m deal with the aim of using its property portfolio to shrink its debt pile. The chain has agreed the ground rent transaction with real estate investor Song Capital, which will pay £370m for the right to receive an income stream from 75 of the group’s supermarkets for the next 45 years.
It comes as the retailer announced that total sales excluding fuel rose 2.1% to £3.9bn for the three months ended 28 July 2024.
Morrisons has been contacted for comment.
