UK: Big Food Group secures £129m in property leaseback deal
The Big Food Group (BFG), the UK frozen food retailer formerly known as Iceland, yesterday [Tuesday] made an optimistic statement on its recovery strategy when it reported its had secured a much-anticipated refinancing package as well as announcing an improvement in trading. The group's share price soars climbed 18% to £101.75 (US$148.54) on the news that it is raising £129m from the sale and leaseback of 31 stores to French insurance group AXA. BFG has also secured a further £300m debt facility with Barclays bank and the Royal Bank of Scotland. It intends to raise an additional £150m from the sale of high yield bonds.
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