Debt-burdened Heidelberg readies HY issue

12 Oct 2009

HeidelbergCement is poised to make further headway in its debt restructuring with a Eu1bn high yield bond issue confirmed on Monday and expected by Wednesday.

But while the deal is another welcome step from the highly-leveraged German cement group, after a loan extension and a visit to the equity markets already this year, analysts warned it would still be prey to short-term refinancing pressures.

The B3/B-/B rated borrower aims to take out some ...

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