Petropavlovsk ‘one of the most difficult deals’ of the year
A chequered history of debt restructurings and shareholder rebellions meant that B- rated Petropavlovsk was always going to be a tough sell. But a chunky 8.125% yield helped the issuer scrape together $500m to pay back more expensive bank loans, according to lead managers, despite the year end fast approaching.
“There were two main issues with this transaction,” said a DCM banker on the deal. “One was the history, and the other was that we are approaching year end. It is probably not the complete turning point for the market but we are reaching that point.”
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