Profine chooses public bond over unitranche for cap markets debut

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

Profine, the German PVC window and door maker, made its debut in the wholesale capital markets this week, printing one of the highest yielding bonds seen in euro senior secured format at 9.25%. It opted for this route rather than a unitranche loan to refinance its main debt facility with Commerzbank, which matures at the end of the year.

Though the cost was high, going for a public bond means the company will not have to sign up to maintenance covenants, which are still a feature of the private debt markets. The fact that bond markets were willing to support the issue, even allowing a small size ...

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