NJJ Capital pushes HY ‘to the edge’ with complex Salt Mobile deal

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By Victor Jimenez
09 Mar 2017

Swiss telecom company Salt Mobile asked bondholders to waive covenants on some of its old notes while it also tapped them and sold a new floater on Thursday, all to fund a dividend to its owner NJJ Capital. The deals came to fruition but left some bankers and investors concerned about market discipline.

Salt’s move was “quite a complex exercise”, in the words of one of the high yield lawyers who helped design the manifold deal.

On March 5, the B2/B rated company sent a consent solicitation to bondholders of its 2022 senior secured notes in Swiss francs and euros, ...

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