Coastal Road drops sub debt account ahead of $165m bond

16 Aug 2010

Philippine toll road operator Coastal Road Corp could sell a $165m bond in New York trading on Wednesday, after changing the structure of the deal to benefit senior noteholders at the expense of outstanding subordinated debt investors.

Bank of America Merrill Lynch and Standard Bank are managing the deal, which has an 8.5 year average life. They approached investors with price guidance of the 12% area on Tuesday, up from earlier whispers of the 11% area. The borrower can afford to pay the extra yield ...

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