April 24, 2014 / 3:56 PM / 4 years ago

RLPC-B&M to refinance debt prior to possible listing

LONDON, April 24 (Reuters) - British discount retailer B&M is due to refinance its 585 million pounds ($981.51 million) of loans put in place to back its buyout last year in order to get its debt in better shape ahead of a possible listing, banking sources said on Thursday.

Bank of America Merrill Lynch, Credit Suisse, Deutsche Bank and Goldman Sachs are expected to lead the refinancing and a lender meeting is due to take place on Friday when more details of the deal will emerge, the banking sources said.

US private equity firm Clayton, Dubilier & Rice bought a controlling stake in B&M last year from its family owners backed with a 125 million pound term loan A, a 335 million pound term loan B, a 100 million pound revolver and a 25 million pound acquisition facility, according to Thomson Reuters LPC data.

“The refinancing will pave the way for an IPO,” one of the banking sources said.

IF B&M floats it will add to the list of UK retailers that have already listed in 2014 including discount retailer Poundland, newsagent McColl‘s, pet shop Pets at Home and online fashion retailer Boohoo.com.

CD&R and B&M were not immediately available to comment. ($1 = 0.5960 British Pounds) (Editing by Christopher Mangham)

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