UK retailer Marks and Spencer has launched an offer to buy back up to GBP225m (US$374m) of corporate bonds and, subject to take-up, issue new debt with longer maturity.

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The company this week invited holders of its outstanding GBP375m 6.375% notes due 2011, and its outstanding GBP400m 5.875% notes due 2012 to participate in a tender offer.


“The purpose of the invitation and the company’s contemplated raising of new financing is to take advantage of current favourable market conditions in the debt capital markets and to extend the company’s debt maturity profile,” the company said.


M&S yesterday (18 November) announced the appointment of Marc Bolland as its new chief executive to replace Sir Stuart Rose.


Bolland will take up his position in the New Year at a time and on terms to be confirmed.

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