ASDA - comment

The new €595m 2031 SSNs will increase ASDA’s interest bill by around £40m, a manageable amount. The refinance of the 2026 SSNs pushes the vast bulk of maturities out beyond 2030. The €500m 2027 SUNs will need to be dealt with next year, but the company does not need to rush, and in the context of a £4.6bn debt stack, the owners will not let the company topple for <£500m in debt.