M&S to sell £400m of bonds

London: Marks & Spencer Plc Group, Britain’s largest clothing retailer, will sell about £400 million worth of bonds to cover a pension-fund deficit.

The sale will increase the funding of the company’s British benefit pension program to 94% from 82% after an actuarial valuation showed a £585m shortfall between the plan’s assets and liabilities, London-based Marks & Spencer said in a News Service statement.