CSFB and JP Morgan are about to send out the revised structure for the Brake Bros facility which may bridge the gap between senior lenders and potential high yield bond investors seeking enhanced security. The two lead banks are sitting on a £175m loan. However, when the deal was structured in 2002, it did not offer potential bond investors upstream guarantees from either the Bankco or OpCos. Because of the lack of guarantees European high yield investors rejected the issue when it was due in October.
February 28, 2003
