B&M European Value Retail S.A. said on Monday said it intends to sell £250 million of sterling-denominated senior secured notes due 2028.

FTSE 100 constituent B&M is based in Liverpool and registered in Luxembourg — but its shares trade in London where they fell 2.5% to around £5.85 to give the firm a current stock market value of about £5.8 billion.

The company said it intends to use the gross proceeds from the notes offering “for general corporate purposes and to pay fees and expenses incurred in connection with the offering of the notes.”

B&M said that SSA Investments Sarl — which is beneficially owned by B&M CEO Simon Arora and associates Bobby Arora and Robin Arora — intends to purchase 22.5% of the notes.

Settlement of the transaction is expected to take place on or about November 24.

“The notes will be senior secured obligations of the company and guaranteed by certain of its subsidiaries,” said B&M.

“The notes will rank pari passu in right of payment with the company’s obligations in respect of its existing senior credit facilities and its existing £400 million 3.625% senior secured notes due 2025.”