Telenet drops loan plan as European HY investors take €700m

16 Aug 2012

Investors are showing no signs of tempering their demand for strong credits in the high yield market. Belgium’s Telenet was able this week to increase a European bond by €200m, leaving it with no need to tap the US loan or bond markets.

The deal came at a cost, however. Proceeds are to be used to fund a share buyback, and the company duly suffered a downgrade in response to the resulting rise in its leverage ratio.

Instead of an initial target of €500m of 10 year non call five notes, Telenet ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial