WOM bats away Chile unrest for divi debut
Chilean mobile phone operator WOM approached bond markets for the first time on Thursday seeking $450m of senior unsecured notes to refinance its existing capital structure and complete a dividend recap.
Lead bookrunners Bank of America and JP Morgan set initial price thoughts of high 6%-7% but could not compress pricing by much, launching the B1/B+/BB- rated five year non-call two notes at 6.875%.“From a credit perspective I think high sixes makes sense but I am slightly surprised that, ...
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