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PPR completes tender offer for 2014 paper

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.

  • 27 Apr 2011

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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1 JPMorgan 91,192.05 449 5.83%
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1 Barclays 20,638.21 54 8.44%
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2 JPMorgan 18,162.36 146 9.11%
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1 BNP Paribas 16,573.16 92 5.72%
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