Boparan pulls off long-awaited rescue refi

By Owen Sanderson
19 Nov 2020

If a company’s bonds were yielding more than 40% last December, what would have been the chances it would be in a position to raise market funding this week? That’s exactly what UK poultry producer Boparan has achieved in an extraordinary reversal of fortunes against the backdrop of a global pandemic.

Boparan has been a basket case for years. CreditSights said this July that it was “a credit story punctuated by misfortune and scandal”, pointing out that the firm “has fought tooth and nail to plug its liquidity gaps, pay down its 2019s, and slim down its debt pile. ...

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