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Disruptive US economic policy has not yet dented credit appetite
High yield investors nibble at IG names, as credit investors brace for ‘trillions’ unlocked from money market funds
Embattled utility makes final plea for court to sanction £3bn in emergency funding
Thames Water refinancing battle is an unedifying mess
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Edcon, South Africa’s largest non-food retailer, is planning to issue some €325m-equivalent of high yield bonds in euros and dollars. The notes will mirror the company’s 9.5% senior secured 2018 notes, sold in February 2011.
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Seat Pagine Gialle, the Italian directories business, has decided that its business projections made at the time of its financial restructuring last year are not achievable. It will therefore not pay the interest due on its senior secured bond and its senior bank facilities.
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Dell, the US computer maker, has agreed to be sold to global technology investment firm Silver Lake in an MBO backed by Dell’s founder, chairman and CEO Michael Dell.
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Millennium Offshore Services has launched a $225m senior secured bond offering. The 2018 high yield notes will be callable after two years.
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Nord Anglia Education jumped on the PIK toggle bond bandwagon at the end of last week, selling $150m of notes on Friday.
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Kion Group, the German forklift and warehouse truck maker, hopes to raise €350m of 2020 senior secured bonds. The Goldman Sachs, KKR and Weichai-owned group wants to use the proceeds to refinance some of its first lien debt.