Weary Punch bondholders hit by ratings

By Tom Porter
16 Oct 2014

Punch Taverns’ bondholders had only just finished celebrating the culmination of the pub group’s seemingly endless securitization restructuring saga, when late last week Fitch and Standard & Poor’s delivered another blow by assigning much lower ratings than Moody’s to several tranches.

Last month Punch’s management finally won approval from shareholders and bondholders of its two whole business securitizations, Punch A and Punch B, for a deal that reduced Punch’s net debt by £600m but diluted its equity share capital to just 15% of its present value. The group had been in ...

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