HY market seizes December window

By Owen Sanderson
07 Dec 2020

Monday saw a flurry of new high yield financings launched, including one market debut, the €1.25bn buy-out package for BC Partners’ takeover of Italian machinery maker Industria Macchine Automatiche (IMA). Also launched on Monday were VodafoneZiggo’s green debut (see separate story), a refi for debt purchaser Encore Capital, and a sterling deal for Ford.

IMA is offering €800m in seven year non-call two fixed rate notes and €450m in seven year non-call one FRNs, rated B2/B, to take out the bridge loan which backs BC Partners’ take-private of the family-owned Italian industrial. The Vacchi family, the largest shareholder before the offer, will ...

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