W H Smith raises £325m and plans to open 100 new Travel stores

W H Smith raises £325m and plans to open 100 new Travel stores

W H Smith has reported a revenue decline of 44% in the six months to February 2021 but is raising £325m as it seeks to open around 100 more travel stores.

The retailer has secured £325m in convertible bonds alongside a £250m credit facility, maturing in 2025. It has earmarked £50m from the bond funding to open new Travel stores over the next three years in locations where it has already won tenders — mainly in the US — alongside other growth opportunities. The rest will be used to refinance existing bonds.

Results for the business as a whole in the six months to February 2021 business saw...

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