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The Very Group has raised £575m by issuing senior secured notes due in 2026.

The Liverpool-based retailer said on Tuesday the 6.50% notes are rated 'B3 stable' by investors service Moody's - and attracted "strong demand" from investors.

The firm said that gross proceeds will be used, together with cash on balance sheet, to redeem in full the issuer's £550m aggregate principal amount of 7.75% senior secured notes due in 2022, and to pay the costs, fees and expenses incurred in connection with the transactions.

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Ben Fletcher, chief financial officer at The Very Group, said: "We are very pleased to have launched this bond, which refinances and extends our existing debt.

"The offer was significantly oversubscribed, and we are grateful for the continued support shown by our fixed income investor base.

“The demand shown is testament to our strong performance and resilient business model, which gives customers access to brands they love via flexible ways to pay.

"The group is well positioned to continue its strong trading trajectory and remains focused on its purpose of making ‘good things easily accessible to more people’.”