High Yield Bonds

  • Virgin Active judgement could push CVAs into obscurity

    Virgin Active judgement could push CVAs into obscurity

    The UK's High Court delivered a ringing endorsement of the country's new restructuring regime this week in a landmark ruling on gym chain Virgin Active, showing that companies have a new route other than CVAs to cut their debts to landlords. Silas Brown and Owen Sanderson report.

  • Mehiläinen boosts refi size to roll up existing debt

    Mehiläinen boosts refi size to roll up existing debt

    Finnish healthcare provider Mehiläinen increased the size of its ESG-linked refi loan from €300m to €1.06bn, refinancing not just the second lien loan, as originally intended, but the company’s entire first lien capital structure. Leads HSBC and Jefferies also tightened the margin range from launch levels.

  • New restructuring law is a step forward

    New restructuring law is a step forward

    Commercial landlords in the UK are angry about gym chain Virgin Active’s restructuring plan, and with good reason. Many of them have lost out heavily, while senior secured creditors got away with little more than an amend and extend.

  • Lenders push back on Cerba's ESG conditions

    Lenders push back on Cerba's ESG conditions

    Diagnostics firm Cerba Healthcare has made the key performance indicators on its sustainability-linked loan more ambitious after talks with leveraged loan investors on its financing for its buyout by Swedish private equity firm EQT.

  • Judge backs Virgin Active’s precedent-setting restructuring scheme

    Judge backs Virgin Active’s precedent-setting restructuring scheme

    UK courts have endorsed gym chain Virgin Active’s restructuring plan, a precedent-setting move which shows that the UK’s new restructuring law with its ‘cross-class cramdown’ feature can be used instead of a CVA to cut debts to landlords. Some claim it represents a further attack on already-struggling landlords, but others argue than having all creditors share the pain at the outset should mean better recoveries if other chains follow this approach.

  • Italian issuers say ‘si grazie’ to HY market

    Italian issuers say ‘si grazie’ to HY market

    Monday brought another strong start to the week for European high yield, with six new bonds announced and other deals, such as EQT’s Cerba healthcare financing, set to close this week. Italian issuers led the way, with bonds for International Design Group, Lutech and Cedacri in the market.

  • EQT launches bonds for Cerba buy-out

    EQT launches bonds for Cerba buy-out

    Swedish private equity firm EQT launched senior and subordinated bonds on Monday to finance its acquisition of Cerba Healthcare, the diagnostics company headquartered in France.

High yield bond news archive