LeasePlan has launched a €1.3bn high yield bond from its Lincoln Financing holding company to pay back the original €1.6bn-equivalent holdco acquisition debt from its 2016 purchase by a consortium led by TDR Capital, and including Abu Dhabi Investment Authority, GIC and PGGM.
The company planned an IPO last October, with perhaps 25% of the company on offer, but pulled it as the market deteriorated. The new bond includes a change of control put at 101, suggesting the owners are not seeking a sale in the near future.
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