Kiloutou scores flexibility with loan-to-bond refi

By Owen Sanderson
05 Dec 2019

French equipment leasing firm Kiloutou locked in an opportunistic refinancing of its loans with a new dual tranche €820m high yield bond on Thursday, easing its covenant constraints at the expense of adding call protection. At initial talk, the deal appeared to have little pricing rationale, but the market proved keen to support it, and the company added an extra €40m and priced through guidance.

JP Morgan announced the deal last Friday, with a €320m seven year non-call three and a €500m seven year non-call one floater on offer. BNP Paribas, Crédit Agricole CIB, Natixis and SG were all on the right for the predominantly French equipment lease company, ...

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