French car parts maker Faurecia has gone against the headwinds buffeting the industry, cutting financing costs with its latest refinancing round. A number of other well known high yield borrowers are also rushing into the market before Christmas to switch their higher coupon paper into cheaper alternatives.
Faurecia successfully hit the bond market for the third time this year with €700m of senior unsecured notes, used to purchase its 3.265% bond due in 2023. The new notes were priced at a coupon of 2.375%, cutting a big chunk off Faurecia’s interest costs. The 2023 notes
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