23rd Jul 2015 16:24
LONDON (Alliance News) - J Sainsbury PLC is looking to raise GBP500 million by issuing bonds.
The FTSE 100 supermarket Thursday said it has raised GBP250 million by issuing bonds that are convertible into shares, and it also set the terms of a GBP250 million offering of non-convertible hybrid bonds.
Both are perpetual subordinated bonds.
Sainsbury's said the proceeds from the combined offering will be used for general corporate purposes, including "via on-lending to subsidiaries and by way of contributions to the group's pension funds".
Sainsbury's shares closed down 2.4% at 266.07 pence on Thursday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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