KCAD drops cov-lite loan, seeks consent for scaled down HY bond

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KCAD drops cov-lite loan, seeks consent for scaled down HY bond

KCA Deutag, the Scottish drilling contractor, has dropped plans for a covenant lite term loan to be marketed in the US after demand fell below expectations. It has instead approached its lenders for consent to price $500m-$600m of high yield bonds sitting pari passu with its existing bank debt.

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