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LONDON - British fashion retailer Next plc (LON:NXT) announced Friday that its subsidiary NEXT Group plc has issued £300 million in 5.000 percent notes due 2031, guaranteed by Next plc. The issuance was made under the company’s £3 billion Euro Medium Term Note Programme.
According to the company statement, part of the proceeds from the new notes were used to purchase £136.43 million of NEXT Group’s existing £250 million 4.375 percent bonds due in 2026.
Following these transactions, Next’s outstanding notes now include £250 million in 3.000 percent bonds maturing in August 2025, £113.57 million in 4.375 percent bonds due October 2026, £300 million in 3.625 percent bonds maturing May 2028, and the newly issued £300 million in 5.000 percent notes due July 2031.
The company also disclosed that in April, NEXT Group increased its revolving credit facility by £100 million to a total of £525 million. The facility remains undrawn as of Friday, bringing the total available commitments under both the credit facility and outstanding notes to £1.49 billion.
Next plc is one of the UK’s largest clothing retailers, operating through both physical stores and its online platform.
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