Australian conglomerate Wesfarmers has indicated that it is looking to raise EUR3bn (US$4bn) by issuing notes through a medium-term note issuance to be completed when debt markets stabilise.
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Wesfarmers increased levels of debt to fund the A$19bn (12.79bn) buy of Coles, Australia’s second largest supermarket, in November last year. Wesfarmers has almost A$3.5bn in debt due to be refinanced at the end of 2009 and A$5bn due in 2010.
In an announcement to the Australian stock exchange, Wesfarmers said it has prepared documentation for an offering of European medium-term notes. Proceeds from the notes sale will be used to pay down existing debt and for general corporate purposes, the company added.
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