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By Alec Mattinson2021-02-03T09:03:00+00:00
Top story
The Issa brothers and TDR capital have announced a financing package to underpin their £6.8bn acquisition of Asda from Walmart, which includes plans to sell the supermarket’s forecourts business and certain distribution assets.
As part of the financing of their acquisition of Asda, the Issa brothers, TDR Capital and Walmart announced today that they intend to launch the syndication of €840m of institutional term loan facilities and will later issued £2.25bn of senior secured loans notes and £500m of senior notes.
Additionally, on completion of the acquisition, Asda’s forecourts business will be sold to the Issa brothers’ EG Group for a headline enterprise value of £750m, which represents a multiple of over 11x EBITDA.