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Moody's says the prevalence of PIKs could lead to bondholders wanting structural risk mitigants
Blackstone out with two trades but overall issuance could suffer
The Manchester based company was advised by debt specialist Alvarez & Marsal
Direct lenders take the initiative as banks step back
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Acquisitive company also prints bonds following Valinor purchase -
Pecking order changes as some challengers' investment pays off
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There is no crock of equity gold at the end of the rainbow
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Creditors can and will be bumped down the pecking order at the time when it matters most
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Restructuring takes step towards conclusion
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Public markets have proven to be often just as illiquid, leading to a convergence in approach
