Caffeinated high yield buzzing as coffee bonds mandated

Coffee machine
By Owen Sanderson
15 Oct 2019

Two coffee firms are marketing high yield bonds this week, as a strong market backdrop encourages sponsors to lock in cheap funding. The two issues sit at opposite ends of the coffee spectrum — service station self-serve and high end barista-style kit — but both companies are sponsor-owned single-B names.

Lone Star-owned Evoca SpA, maker of the Gaggia espresso machines, among others, is in the market with a €550m senior secured offering through Goldman Sachs and Deutsche Bank, looking to term out funding and cut coupons.

It will take out €410m of existing senior secured notes ...

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