Following plans by J Sainsbury to raise a new secured debt of up to GBP2.07bn (US$3.63bn) last month (24 February), bondholders with 75% in aggregate have accepted the company’s tender offer to purchase unsecured bonds totalling GBP1.7bn (US$2.98bn).

Consequently, they have appointed the tender agent as proxy to vote in favour of the extraordinary resolutions to be considered at the bondholders’ meetings on Monday (20 March 2006), according to Dow Jones.