Matalan bonds plunge as Ebitda shrinks

18 Oct 2011

UK clothes retailer Matalan’s bonds dropped sharply on Tuesday after it said Ebitda had plunged 63% in the second quarter.

“The results were worse than expected – Ebitda was much lower”, said a high yield banker in London.

The Skelmersdale-based company’s £250m 8.875% senior secured 2016 notes fell to lows of 78.34 on Wednesday, yielding 15.759%, from 84.41 on Monday.

It was worse for senior unsecured investors: the ...

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