Valora finds the dough for bakery acquisition
Valora Holding, the Swiss convenience retailer, sold its first hybrid bond on Tuesday. The proceeds will refinance a syndicated loan used to fund Valora’s purchase of Swiss baking company Brezelkönig (‘pretzel king’) in December.
Credit Suisse priced the Sfr120m ($129m) perpetual non-call 5.5 year bond with a 4% coupon, or 348.6bp over mid-swaps, having marketed it at 4.25% to 4.5%.
The issuer had wanted at least Sfr100m.
"It was a little bit of a price-finding exercise, but we saw very good demand
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