Four Seasons brings summer rain to HY market parched of deals
Four Seasons Health Care, the UK operator of care homes for the elderly, raised £525m on Thursday, showing that deals are still possible in the European high yield market, despite record net outflows and investor nervousness before the Greek elections on
The senior secured bonds, rated B1/B+/BB, and senior unsecured paper (Caa1/B-/BB) were the first high yield issue entirely in euros or sterling since May 11, when Schmolz + Bickenbach, the German speciality steel maker, sold a 258m seven year transaction at 10.5%.
The deal, issued through special purpose vehicles
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