Informa weighs up switching PPs for bonds

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By Silas Brown
23 Sep 2020

Informa, the UK publishing and events business, has said it is considering paying back its private debt placements and issuing bonds instead. Companies tend to avoid early repayment in the PP market because of the cost of makewhole payments, but several market sources said Informa was trying to extricate itself from financial covenants.

Informa issued $400m of USPPs in 2017, via Bank of America and NatWest Markets, according to Dealogic. They mature in 2025 and 2028.

In its half yearly report, Informa said its liquidity stood at £2.8bn and it intended “to renegotiate or repay US private placement notes, removing point covenant, ...

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