Debt-burdened Heidelberg readies HY issue
HeidelbergCement is poised to make further headway in its debt restructuring when it issues a Eu2.5bn high yield bond this week. The deal confirms effervescent investor demand for high yield debt in Europe — on Tuesday Heidelberg added a 10 year tranche to the already announced five year and seven year portions. But, with its bonds rated B3/CCC+, and the five year expected to price to yield just 7.875%, there are concerns that this is too much, too soon for the still-nascent European high yield revival. Read EuroWeek on Friday for more on this and other high yield issues.
Unlock this article.
The content you are trying to view is exclusive to our subscribers.
To unlock this article: