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Embattled utility makes final plea for court to sanction £3bn in emergency funding
Thames Water refinancing battle is an unedifying mess
Embattled utility asks judge to approve £3bn lifeline as creditor groups keep fighting
High yield issuers may be worried about market access, but some do not see them losing it
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Schaeffler’s holding company priced on Wednesday a huge four tranche PIK toggle bond, part of a comprehensive refinancing that will cut its debt load by €500m and push out its maturities. -
Chinese issuer Huachen Energy has skipped a dollar bond coupon, as its troubled parent company Wintime Energy slips further into a liquidity crisis.
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B2Holding, the Oslo-based debt purchasing and servicing firm, has printed a new €200m senior unsecured 2024 at 635bp over three month Euribor, using the cash to buy back older issues. It plans a new secured bond later this year to fund rapid expansion plans.
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Oceanwide Holdings Co has priced a new $280m two year bond to replace in part an imminent maturity, paying one of the highest yields Asia has seen so far this year.
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Mongolian conglomerate Tavan Bogd Trade pulled its debut dollar bond transaction on Thursday after the order book was closed. The high yield borrower had offered investors 12% for the three year bullet, but ultimately decided to postpone the final sale.
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Thomas Cook bonds traded down more than 12 points on Thursday in heavy volume, as the UK holidays group announced a new first-ranking loan for the winter season, a big goodwill writedown that took its pre-tax loss to £1.4bn, and a big drawdown on its revolving credit facility.
