Bain relents to investor demands as Kantar bonds fail to spark joy

By Karoliina Liimatainen
22 Oct 2019

Bain Capital has given in to a laundry list of demands from investors as they snubbed bonds for Kantar, resulting in a delay to the deal's schedule. In a rare case of aggressive investor push-back, covenants have now been flexed to the extreme and initial price thoughts look surprisingly high, given the exceptionally favourable market for new issuers.

Kantar, the market research business of British advertising giant WPP, is looking to price its much-altered bond issue on Wednesday.

The borrower is expected to pay a coupon of about 5.5%–5.75% for the €750m of secured notes and 9.50% for the €475m unsecured notes, according to price ...

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