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European cinema operator Odeon announced a £475m-equivalent senior secured seven year bond alongside a new six year super senior revolver to refinance existing debt on Monday afternoon.
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French yellow pages operator PagesJaunes launched a Eu350m senior secured high yield bond on Friday. The seven year, non-call three notes are the company’s debut in the bond market and have a provisional rating of B2/-/BB.
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Befesa Zinc’s Eu300m senior secured 2018 non-call three bond is likely to be priced in the 9% area, a banker close to the deal said on Thursday. Price talk was released in the afternoon and books close at 11.00 GMT on Friday. Barclays and Société Générale are bookrunners.
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The European high yield market is looking more like its US counterpart by the day. After having already embraced the return of triple-C credits and PIK notes in deals earlier this year (see EuroWeek issue no 1,200, April 15), investors were this week turning their minds to an upcoming Eu300m deal from Spain’s Befesa Zinc, which will partly finance a dividend payment.
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Heckler & Koch, a German maker of small firearms, is testing the risk appetite of international high yield investors with its provisionally Caa1/CCC+ rated Eu290m high yield bond in euros and dollars.
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A group of 30 bond investors has sent a letter to leading European underwriting banks, demanding changes to senior-secured structures and disclosures in the European high yield market.