HY bull run lets Orange Switz drive by for aggressive PIK

11 Apr 2013

Orange Switzerland, the mobile phone company bought by Apax Partners from France Télécom at the end of 2011, returned to the market for another high yield bond this week — its most aggressive yet, writes Stefanie Linhardt.

Not only was the €250m bond a payment-in-kind toggle security, where investors can be paid coupons in further indebtedness if the borrower is short of cash. It was also rated CCC+ by Standard & Poor’s and intended to finance a dividend to Apax. And it was launched and ...

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