The Grafton Group is raising millions of pounds through an alternative form of financing.
The Grafton Group is raising millions of pounds through an alternative form of financing.
The parent company of Selco, Buildbase, Plumbase and Leyland SDM is raising £144 million in the US to pay off its euro-denominated bank debt.
It will do this next month through issuing unsecured bonds in the US, with ten and 12-year maturities, which is when the debt must be repaid to the investor and interest payments stop. The bonds have an annual interest payment of 2.5%.
In 2017, Grafton had a net debt of £56.3 million, down from £86.2 million the year before.
Its revenues reached £2.4 billion, which was a 9% increase on the previous year.
the move is not expected to affect merchants.
