Battered Jaguar gets back on road with €800m HY issue
Struggling car manufacturer Jaguar Land Rover raised €800m from a dual-tranche bond this week, pricing both parts at the tight end of guidance despite an uncertain outlook for the UK auto sector and a deal structure described as "high-yield lite" by one credit analytics company.
Jaguar planned only to launch an unspecified amount of five year senior unsecured notes, but added a seven year tranche on Thursday.The shorter tranche of €500m was priced at 5.875% after initial price talk in the low 6% area, which was later narrowed to
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