Lowell seizes chance for extra cash with £117m private placement

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By Owen Sanderson
14 Dec 2020

Debt collector Lowell said on Friday that it had issued a private placement of high yield bonds to raise £117.5m-equivalent, taking advantage of strong market conditions to further shore up liquidity following its October refi.

For much of the summer, Lowell, which issues bonds from vehicles known as ‘Garfunkelux’, was seen as a nailed-on restructuring candidate, with CDS on the company exceeding 1,600bp at times during the summer and bondholders forming an ad hoc group to pressure the sponsor into outlining a plan ...

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