Sunrise gets €745m to refi loans as buyers seek strong HY names
Sunrise, the Swiss telecoms company, showed how healthy demand is for better-rated high yield bonds with a €745m-equivalent deal on Wednesday — even as weaker borrowers still struggle to sell bonds or have to offer very high coupons.
The Ba3/BB-/BB rated five year deal included a fixed rate Swiss franc tranche with a 5.625% coupon. That contrasts with the 11% and 12% yields at which Stork Technical Services and Klöckner Pentaplast are marketing their single-B and triple-C rated deals.
CVC Capital Partners bought Sunrise for Sfr3.3bn (2.75bn)
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