Carlson seeks $360m PIK toggle bond for acquisition
Carlson, the US hospitality and travel company, wants to raise $360m to partially finance the acquisition of the 45% stake JP Morgan holds in Carlson Wagonlit Travel.
After the takeover, Carlson will own 100% of CWT. The deal is backed by five year non-call one senior payment-in-kind toggle notes due in 2019.
Morgan Stanley and JP Morgan are bookrunners on the financing.
“We are pleased with the momentum, growth and results realised by the management team