House of HR goes on the attack with sub deal

By Owen Sanderson
15 Dec 2020

House of HR is marketing a subordinated bond to pay for recent acquisitions and to give the Naxicap portfolio company a war chest to fund campaigns to win other bid targets. High unemployment across the human resources consultancy’s major markets has hurt it, but it claims to be in a good position for a recovery.

Sole lead JP Morgan launched the €200m six year on Monday, with initial thoughts in the low to mid 8% area, a level Lucror Analytics called “generous” compared to its senior secured issue that is yielding 4.4%. But that generosity created a book that supported firm tightening, with ...

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