LeasePlan holding company taps to take out sub notes
Lincoln Financing, the holding company of LeasePlan, hass tapped its senior secured 2024s for an extra €500m, looking to pay down payment-in-kind notes and fund its interest reserve. The deal follows last year’s €1.35bn issue, which paid down debt incurred when a sponsor consortium bought the company in 2016.
The deal is rated BB+, BB- and B1, and the bonds are senior secured — though in name only, since they are issued from a holding company with no assets other than LeasePlan shares, and are entirely dependent on dividends upstreamed from the leasing company to pay coupons....
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