Leads tighten Vue docs and pricing

By Owen Sanderson
18 Jun 2019

Vue International’s revamped refinancing has tightened doc terms and pricing at the same time, ahead of commitments later on Tuesday, making it harder for part-owner Omers to take money out through its sub-debt —while also narrowing the OID and testing tighter pricing. The issuer may also include a sterling carve-out.

The cinema group tried to refinance its capital structure from bonds to loans in November last year, in an all-senior deal that included a sterling tranche. But Brexit uncertainty and weak market conditions killed the deal, with only a €114m delayed draw tranche placed in the market.

The ...

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