Aryzta acquisition opens Swiss franc sub

30 Sep 2010

Aryzta, a bakery conglomerate, issued the second ever corporate hybrid in the Swiss franc market on Thursday to finance its acquisition of the remaining 50% of Maidstone Bakeries.


The deal raised Sfr325m of perpetual non-call four debt, with a coupon of 5%, and a step-up of 500bp, plus the launch spread of 405bp over swaps. If Aryzta does not call the deal, it will pay 905bp over three month Swiss franc Libor. The deal is ...

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