Bakkavor trading could push Boparan wider
Privately-owned food producer Boparan is on track to raise a £695m-equivalent junk bond in sterling and euros to fund its takeover of Northern Foods. Price talk for its £400m tranche is in the 9.875% area, while the £295m-equivalent euro piece is expected in the 9.75% area.
Books on the seven year non-call four unsecured deal, provisionally rated Ba3/B+, close at 15.30 GMT.
It comes down to price, said one investor, who compared the companys leverage to UK packaged food producer Bakkavor.
The comparison is unhelpful for Boparan, however. Bakkavors £350m bond issued in late January has
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