Asos to raise £500m as part of global expansion

Asos has announced that it is raising £500 million to fund its global growth strategy and to refinance the acquisition of Topshop brands.

The online fashion retailer relaunched the Topshop brand on its website after splashing out £295 million on three Arcadia brands from the administrators of the group, which went bust in November 2020.

Asos also bought Topman and Miss Selfridge from Sir Philip Green’s retail group following its collapse.

The company priced the offering, made up of senior unsecured guaranteed convertible bonds due 2016, through its subsidiary Cornwall.

The retailer said that the bonds will be issued at par and will carry a coupon of 0.75 per cent per annum.

HSBC and J.P. Morgan Cazenove acted as Joint Global Coordinators and Joint Bookrunners for the Offering.

Barclays and Citigroup Global Markets Limited acted as Co-bookrunners for the Offering.

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