(Alliance News) - Marks & Spencer PLC on Tuesday proposed a tender offer for its outstanding GBP300.0 million notes.
The notes carry a 6.125% interest and mature in 2021.
"The rationale of the offer is for the company to manage proactively the company's upcoming debt redemptions, to lower the average cost of the company's debt portfolio and to manage the average debt maturity profile of the company," the retailer said.
M&S said it will purchase any tendered notes at 106.25% of the principal amount.
By Eric Cunha; ericcunha@alliancenews.com
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