Tank & Rast sells 8x levered HY at 6.75%
Tank & Rast, the German motorway services business, sold an 8.1 times levered second lien bond inside guidance on Tuesday. And, in line with the bullish market trend, the notes traded over three cash points higher on Thursday.
The €460m of seven year notes with a B issue rating from Standard & Poor's were sold at par with a 6.75% coupon.
Global coordinators Deutsche Bank (billing and delivering), Barclays and RBS and bookrunners Commerzbank, Credit Suisse, ING, Nomura, RBC and UniCredit released initial talk in
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