Picard pulls deal thanks to ‘unsatisfactory conditions’ as other issuers rush to market

picard adobe 575
By Owen Sanderson
26 Apr 2021

French frozen food maker Picard pulled its planned €1.7bn sustainability-linked dividend deal on Friday, citing ‘unsatisfactory market conditions’, and its flexible redemption schedule, with no maturities until 2023. Conditions were so unsatisfactory that last week was one of the busiest of the year in high yield primary, while Monday has opened with another six deals announced — suggesting that for most issuers and arrangers, conditions continue to be very satisfactory indeed.

Picard had been marketing a triple-tranche refi of its entire capital structure, totalling €1.7bn split between €1.2bn of secured fixed, €250m of secured floating and €260m of unsecured fixed bonds. This would have funded a €260m dividend to sponsor Lion Capital and Invest Group Zouari, following the exit ...

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