Air Baltic Forced to Pay Up in Second Run at Junk Refinancing [BNN Bloomberg (Canada)]
BNP PARIBAS SPONS ADR (BNPQY)
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Source: BNN Bloomberg
The Latvian airline is marketing a €340 million ($366 million) junk bond with a yield of 14.5%, to push back the need to repay debt maturing in two months, according to a person with knowledge of the deal. The high rate pulled in over €850 million of orders, enabling it to upsize the offer and trim the pricing. At that level, it would still be the highest coupon seen in the European high-yield bond market since September, when Adler Group paid a 21% coupon, according to data compiled by Bloomberg. It would mean the company paying nearly €50 million in interest costs every year. It's Air Baltic's second attempt at a bond sale, and this time the Latvian government looks set to help get it over the line. Investors are demanding higher rates for its debt since Russia's invasion of Ukraine, the company's Chief Executive Officer Martin Gauss said in January. The company was forced to shelve a planned junk sale in October as fears over geopolitical turmoil unsettled markets. Now the g
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