Hyva ditches loan for bond
Hyva International will tap the bond market for $375m to fund its acquisition by Unitas Capital and NWS Holdings — scrapping plans to raise $350m from a loan that bankers had already launched into senior syndication.
The hydraulic cylinder manufacturer cancelled its loan on Monday night and switched to a bond that will allow it more debt, no amortisation to maturity and more flexible covenants.
Unitas and NWS had their eye on a bond even before they won the auction, said a banker close to the deal.
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