Value retailer B&M Bargains is to refinance £585m of loans to get its debt in better shape ahead of its potential flotation.
The loans were put in place to back its buyout last year by US private equity firm Clayton, Dubilier & Rice.
Bank of America Merrill Lynch, Credit Suisse, Deutsche Bank and Goldman Sachs are expected to lead the refinancing and a lender meeting is due to take place today.
The acquisition was done with a £125m term loan A, a £335m term loan B, a £100m revolver and a £25m acquisition facility, according to Reuters.
The refinancing is understood to help pave the way for an IPO.
B&M Bargains is one of a raft of retailers looking to join the stock market. Already this year, retailers including Poundland, Pets at Home, Ao.com, McColl’s and Boohoo.com have floated. Blue Inc, Fat Face and Photobox are among those eyeing an IPO.
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