Picard steps away from reverse-flex but cuts OID

28 Sep 2010

Bookrunners on the Eu675m senior debt facility backing the Eu1.5bn buy-out of Picard Surgelés, the French frozen foods company, have ruled out a reverse-flex, instead reducing the original issue discount on the deal from 99 to 99.75.

Demand for the deal has been high, with the portion marketed to funds more than three times oversubscribed. This had led to some talk about the possibility of a reverse-flex on the pricing.

But amid fears that the move could face resistance from bank lenders, the bookrunners have ...

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