Noteholders reject ailing Praktiker’s plea for coupon cut

29 Mar 2012

Praktiker, the struggling German DIY retailer, has failed to achieve the necessary bondholder votes to cut its high yield securities coupon from 5.785% to 1%.

Praktiker needed 50% of the unrated bond’s investors to vote in the poll, and to obtain consent of 75% of the voting investors. In fact, investors holding only 19.12% of the €250m notes voted during the voting period, which ran from March 22 to 24, according to a ...

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