Monier had
to postpone today its projected EUR250
million high-yield bond due to the "current challenging market
environment."
The company
said current yields, between 10.25% and 10.5% as per guidance released, wouldn't
optimize its cost of capital. The company, as reported, tried to engage
U.S.-based investors in the deal, as they are traditionally more open to buying
risky deals such as this one, but failed to garner enough interest at its
desired price. The company has a very low rating, B-, from Standard &
Poor's, while Fitch Ratings rated the firm B and the upcoming bond B+.
Source Foxbusiness
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