Tesco Plc and subsidiary Tesco Corporate Treasury Services PLC announced Oct. 16 that tender offers have been launched for seven series of outstanding notes.

The British grocery retailer's purchase offer targets £350 million worth of its 5.5% notes due 2019, £515 million of 5% notes due 2023, £200 million of 6% notes due 2029, £200 million of 5.5% notes due 2033, £300 million of 4.875% notes due 2042 and £500 million of 5.2% notes due 2057.

Meanwhile, an offer by Tesco Corporate Treasury Services is aimed at €1.25 billion worth of 1.375% notes due 2019.

The tender offers are being made as part of Tesco's efforts to reduce debt and improve its balance sheet, according to the announcement. Tesco also noted it would accept purchases converting to an amount of up to £700 million.

The offers are scheduled to expire at 5 p.m. London time Oct. 24, with pricing taking place Oct. 25 for all notes except for the euro notes due 2019, which will be subject to a fixed purchase yield of negative 0.10%.

The expected settlement date for the offers is Oct. 30.