Mohsin and Zuber Issa
(Picture: Alamy Stock Photo)Questions are mounting over the scale of the debt burden looming over the Issa brothers, the billionaire owners behind Asda and petrol forecourt business EG Group, after an Evening Standard analysis found the company could face increased interest payments of as much as $250 million (£202 million) per year in 2023.
EG Group has at least $9 billion of debt, according to its most recent quarterly report. The majority is made up of loans with interest pegged to LIBOR, EURIBOR and SONIA, indices representing the rate at which banks lend to each other. These rates have as much as quadrupled in the past five months, leading to hundreds of millions in increased debt interest.
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