Profine opts for public bond over unitranche

Profine company windows PVC 575x375
By Owen Sanderson
22 Jun 2020

German PVC window and door maker Profine was marketing its debut in the wholesale capital markets with a bond issue on Monday, after exploring options for a unitranche loan to refinance its main loan facility with Commerzbank, which matures at the end of the year.

Although talk for the new issue is low to mid-9%, suggesting it will be one of the highest coupon issues in the high yield market in euros this year, the choice to opt for bonds suggests private debt markets could have been more of a challenge.

That, in ...

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