Löwen Play listens to investors, moves debut to fixed rate and cuts dividend
German gambling arcades company Löwen Play priced its debut high yield bond in line with guidance on Thursday, after shrinking the deal in response to investor feedback.
The arcade operator, which is owned by Ardian – formerly Axa Private Equity – also changed the structure of the deal, learning that investors preferred fixed rate to floating rate paper.
Löwen Play had originally offered a €265m floating rate note with an unusual six year non-call two
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