High yield pain continues as investors reject Mobile 8 plan

Mobile-8, the Indonesian telecom company, is heading towards default on its $100m of high yield bonds after it failed to agree a debt restructuring with bondholders.

  • 02 Dec 2008
Moody’s, which cut Mobile-8’s credit rating to Ca on Monday, warned that a default on the company’s bonds looked “unavoidable” after investors requested early repayment of the 11.25% notes due 2013 following a change of ownership. Mobile-8 has 14 business days from November 26 to repay the principal ...

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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 4,755 19 11.75
2 Citi 4,288 14 10.60
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4 Goldman Sachs 2,615 4 6.46
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