Price-conscious NWR pulls high yield bond in soft market

12 Feb 2010

Czech coal miner New World Resources (NWR) on Wednesday pulled a Eu700m sale of high yield bonds, which would have been used repay loans, citing poor market conditions.

"We have a sustainable and robust capital structure and we have no imminent need to raise additional capital," said Marek Jelinek, chief financial officer of New World Resources, rated B3/BB-. "Accessing the debt markets was viewed as an opportunity given prevailing market conditions."

The borrower said last Wednesday (February ...

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