High Street
WH Smith completes refinancing amid plans to sell high street arm
The group said the refinancing will diversify its sources of debt financing and extend its debt maturity profile ahead of the convertible bond maturing on 7 May 2026
WH Smith has successfully completed a refinancing, which includes its first US Private Placement (USPP) as well as a new bank term loan of £120m, ahead of the group’s potential sale of its high street arm.The £200m USPP notes have a maturity of seven, 10 and 12 years and have been issued on investment grade terms. At the same time, the group agreed a £120m three-year bank term loan with two uncommitted options of extending the loan to four and five years.
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