BBC refinancing delayed as uncertainty lingers
BBC Commercial Holdings, a commercial subsidiary of the BBC that produces and sells content to other broadcasters across the world, has decided to delay a £170m debt refinancing in the US private placement market, according to market sources, as bankers struggle to cope with price discovery.
BBC Commercial Holdings sold its first unsecured bond in June 2013. Barclays and Lloyds arranged the seven year US private placement, raising £170m at an interest rate of 2.71% in dollar terms. After swapping back to fixed rate sterling, the BBC paid less than 2.3% interest.The issue ...
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