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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.

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