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