Kingfisher to buy back loan notes

15th Jan 2010 08:26

B&Q owner Kingfisher is seeking to buy back some of its euro-denominated debt.Holders of the 4-1/8% notes due 23 November 2012 have been invited to tender their notes for repurchase by the company by means of a Dutch auction, in which holders have to undercut others in order to have their tenders accepted. Kingfisher is seeking to buy back up to €250m of loan notes to reduce the company’s gross debt and boost the return on cash on the company’s balance sheet.The minimum application amount for those participating in the offer will be to sell €50,000 (nominal) of loan notes.