Xella guides PIK toggle to 9.25% area

Xella, the German building materials maker, has released guidance for its payment-in-kind toggle notes. The €200m five year notes will be priced later today after talk emerged in the 9.25% cash pay area.

  • By Stefanie Linhardt
  • 10 Oct 2013

Bankers agreed that the trade appeared to be going well. The non-call one and a half year PIK notes will be issued through Xella’s Luxembourg-registered Xella Holdco Finance, and have expected B3/B- ratings.

Earlier this week, Caa1/CCC/CCC+ rated Oberthur sold 6.5 year subordinated notes with the same ...

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