Foodcorp fertilises barren HY landscape

21 Feb 2011

Foodcorp, a South African food producer, said on Monday it would issue a Eu415m high yield bond to refinance existing debt in a deal tipped to find a positive audience amid a dearth of competing supply.

The company mandated Barclays Capital and JP Morgan as bookrunners on the seven year non-call three senior secured note, expected to be rated B2/B-.

Foodcorp will meet investors between Tuesday and Friday. It will use the debt to refinance a Eu310m 8.875% July 2012 senior secured bond, to settle ...

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