Maxeda tests depth for triple-C refi

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By Owen Sanderson
14 Sep 2020

Dutch DIY retailer Maxeda unveiled a refinancing on Monday morning which will test the market’s appetite for taking out triple-C rated bonds at tighter levels, with a €400m offering to redeem its existing €475m 6.125% 2022s.

Triple-C rated issuers are rare in European high yield, with most supply in the segment unsecured or holding company debt. New secured supply is usually structured to a lower leverage level to hit the broader demand base seen for single-B rated bonds.

But these are not normal times. ...

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