Rare PIK toggle emerges, but volumes still low as second lien grows
GlobalCapital, is part of the Delinian Group, DELINIAN (GLOBALCAPITAL) LIMITED, 4 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 15236213
Copyright © DELINIAN (GLOBALCAPITAL) LIMITED and its affiliated companies 2024

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement
LevFinLevFin High Yield Bonds

Rare PIK toggle emerges, but volumes still low as second lien grows

Dollars_US_Fotolia_230x150

McGraw-Hill Education launched a new payment-in-kind (PIK) toggle high yield bond on Wednesday, as part of a bigger refinancing package. Once an indicator of peaking credit conditions, PIK toggle deals have become increasingly rare as borrowers head to cheaper and more flexible second lien loans.

Unlock this article.

The content you are trying to view is exclusive to our subscribers.

To unlock this article:

Request a Free Trial or Login
Gift this article