Major grocery retailer Coles Group has entered the Australian debt capital markets.
Coles has announced to the Australian Securities Exchange (ASX) that its subsidiary, Coles Group Treasury has priced $600 million of fixed rate Australian dollar medium term notices, comprising $300 million of seven-year notes and $300 million of 10-year notices.
The seven-year notices are priced with a coupon of 2.2% and the 10-year notes are priced with a coupon of 2.65%.
Explaining the move, Coles Chief Financial Officer, Leah Weckert said the proceeds would be used to replace some of the company’s bank debt facilities that were established at the time of its demerger from Wesfarmers in 2018.
