DSG International, John Lewis Bond, Tender Offers Continue Trend

LONDON (Dow Jones)--Electrical and computing retailer DSG International PLC (DSGI.LN) announced Thursday an offer to buy back existing bonds and planned a new five-year issue, continuing the recent trend of companies looking to extend their debt maturities. U.K. retailer John Lewis PLC is also planning a 15-year, sterling-denominated bond after its tender offer for a 2012-dated note expired Wednesday. Guidance on the new bond has been set in the range of 220 to 230 basis points over gilts, one of the banks working on the sale said Thursday. Barclays Capital PLC and HSBC Holdings PLC are lead managers on the deal. The two deals follow similar ones from French electrical equipment company Schneider Electric SA (SU.FR), France-based utility group Veolia Environnement (VIE.FR) and British American Tobacco (BATS.LN). DSG has offered to buy back GBP140 million of its GBP300 million, 6.125% guaranteed bonds due 2012. The offer expires July 22. The company also planned to issue up to GBP150 million of guaranteed, fixed-rate notes with expected maturity in 2015. Fitch Ratings Wednesday revised DSG's outlook to positive from stable and affirmed the company's rating at B. -By Art Patnaude, Dow Jones Newswires; +44 (0) 207 842 9259; art.patnaude@dowjones.com (Ainsley Thomson contributed to this report) (END) Dow Jones Newswires July 15, 2010 06:39 ET (10:39 GMT)