PPR completes tender offer for 2014 paper

27 Apr 2011

French retail group PPR has purchased Eu250m of its outstanding Eu800m 8.625% 2014 bonds, the maximum it wanted to take under its liability management exercise.

The tender offer, which was designed to reduce the company’s excess cash position and mitigate the cost of carry, had a take-up rate of 63%.

BNP Paribas, Crédit Agricole and Société Générale led the tender offer as dealer managers.

“We haven’t seen much liability management out of France, ...

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