Supermarket giant Tesco has raised US$2 billion (£967.7 million) in its first bond issue in the US.
The grocer, which will make its retail debut in the US next week with the launch of the new Fresh & Easy food fascia, said the deal would give it exposure to a new pool of investors.
“Tesco have chosen to issue in the US dollar market because they want to introduce US bond investors to Tesco, establish themselves in a new market and diversify their investor base,” the retailer said in a statement.
Proceeds of the issue will be used “to refinance certain short-term indebtedness and for general corporate purposes.”
Tesco intends to spend up to£250 million a year establishing its US business.
If you have any comment to make on this story, click here.
No comments yet