Best Buy to offer bond sale to repay debt coming due

Best Buy plans to raise $350 million with a bond offering as it prepares to repay $500 million of notes due next week.

Bloomberg News reports that Best Buy’s 6.75 percent bonds mature on July 15.

The news service quotes a source with knowledge of the transaction who says that Best Buy may use the proceeds from new five-year securities to refinance debt, fund working capital or repurchase stock.

This would be the Richfield-based company's first bond offering since 2011. Best Buy has reported three straight quarters of net losses.