Bain Capital-backed market research business Kantar showed this week that investors still have some bite in the high yield market. Buyers forced the issuer to flex numerous covenants, tinker with the tranches, delay the issue and consent to unusually juicy coupons. The deal may not be a sign of things to come, however, as Crown waltzed through its bond launch, setting a new low coupon record for a fixed rate bond.
Kantar, the market research business of British advertising giant WPP, and its soon-to-be sponsor Bain finally managed to complete the prolonged buyout bond issue on Wednesday.
€1bn of seven-year senior secured notes were priced at a coupon of 5.75% — at the wider end of initial price thoughts
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