Asda has refinanced more than £3.2 billion of debt in a deal that pushes its debt burdens into the next decade. The deal has deferred the majority of its maturities past 2030 and included the biggest sterling high-yield bond this year, which is also the second-largest sterling bond in the European leveraged finance market. “Strong investor demand” was said to help the grocer raise £1.75 billion of senior secured notes and upsize by over £200 million on a £900 million equivalent EUR Term Loan B, bringing the final size to £1.1 billion equivalent. The notes and loan do not need to be repaid until 2030 and 2031.

Asda also successfully extended the maturity of its revolving credit facility from August 2025 to October 2028 and was able to upsize this facility from £667 million to £748 million in connection with the wider refinancing.