Delhaize Group to offer minimum of €250M in nonsubordinated bonds due 2018, will use proceeds to execute growth strategy, pay down debt
September 29, 2011
– Belgian food retailer Delhaize Group says it will offer seven-year nonsubordinated bonds due 2018 totalling a minimum of 250 million euros. The bonds will have a fixed annual gross interest rate of 4.250%.
"This retail bond issue is the first in its kind for Delhaize Group and is a great new opportunity for us to broaden our investor base as well as offer the general public the opportunity to be part of the successful operations of a well known brand," said Pierre-Olivier Beckers, President and Chief Executive Officer of Delhaize Group. "The proceeds from this issue will help fund the continued implementation of our New Game Plan strategy aimed at accelerating top line and profit growth whilst being a more efficient and sustainable operator, and will for a part be used to re-finance existing debt recently acquired as part of the Delta Maxi acquisition."
The primary source of this article is Delhaize Group, Brussels, Belgium, on Sept. 29, 2011.