Petropavlovsk one of toughest deals of 2017
A chequered history of debt restructurings and shareholder rebellions meant that a bond for B- rated Petropavlovsk was always going to be a tough sell. But a chunky 8.125% yield helped the gold mining company scrape together $500m to pay back more expensive bank loans, according to lead managers, despite the year end fast approaching.
“There were two main issues with this transaction,” said a DCM banker on the deal. “One was the history, and the other was that we are approaching year end. It is probably not the complete turning point for the market but we are reaching that point.”Another lead ...
Please take a trial or subscribe to access this content.
Contact our subscriptions team to discuss your access: email@example.com