Asda has refinanced the vast majority of its mammoth debt pile amid “strong demand” from investors. The supermarket giant said on Friday that it completed refinancing deals on around £3.2 billion worth of debt and pushed back the maturities on these past 2030. It will pay higher interest rates on the new bonds, the retailer said. Asda had net debt of £3.8 billion at the end of 2023, having built up the debt pile through its £6.8 billion takeover by the billionaire Issa brothers and private equity firm TDR Capital in 2021. As part of the refinancing, the UK’s third largest grocery chain said it also used £300 million of cash from its balance sheet to reduce its gross debt. The retailer also extended increased its revolving credit facility from £667 million to £748 million and extended its maturity by over three years to October 2028. It comes after influential credit agency Moody’s upgraded its rating for Asda last month. Michael Gleeson, Asda’s chief financial officer, said: “We saw strong demand from investors after taking a thoughtful and prudent approach to refinancing our near-term debt well ahead of maturities, to further strengthen our balance sheet. “The refinancing also reflects the...