Rare sterling supply as Together preps HY refi

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By Owen Sanderson
29 Jan 2020

Together Money is preparing to refinance its 2021 high yield bond with a new £385m senior secured issue, the first sterling deal of the year. The storming performance of the euro and dollar markets have meant that, despite the increased post-election appetite for the UK currency, it simply cannot compete on pricing for many issuers.

Froneri, for example, which is refinancing its capital structure and raising cash for the acquisition of Nestle’s US ice cream business, dropped the planned £390m sterling loan tranche from its €5.7bn-equivalent financing package, while UK-based carpet maker Victoria plc opted for a €170m add-on to its existing euro ...

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