Phones4u joins high yield PIK bond issuers as it gears up
UK mobile phone retailer Phones4u is joining the stream of firms issuing high yield payment-in-kind bonds from their holding companies. The bond finances a £220m payment to shareholders.
The business, owned by BC Partners, has announced plans to sell a £200m PIK toggle bond. A roadshow started in the City of London today and continues in the West End tomorrow.
The bond will allow Phones4u to defer interest payments in whole or in part, but only if
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