ConvaTec seeks to improve terms of existing debt

By Olivier Holmey
31 Jul 2013

Lenders have until Friday to commit to a debt amendment process for UK developer of medical technologies ConvaTec. The proposed changes to the company’s outstanding debt include a tightening of margins and a tweak of its covenants.

The existing debt includes a transatlantic term loan ‘B’, split between $784m in dollars and €532m in euros. The new guidance on the euro tranche is 325bp-350bp over Euribor, down from 400bp over, while the dollar tranche is expected to price between 300bp and 325bp over Libor, down ...

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