Vivion - comment

The €250m tap of the 2028’s are likely to have cost around 8% (assuming an issue price of 98c/€. The proceeds will be used to redeem the M&G Loan, which we estimate at costing nearly 8%. Swapping secured debt for SUNs, reduces the layering of bondholders and increases the unencumbered assets by around €400m.

https://vivion.eu/vivion-announces-successful-tap-issuance-of-existing-2028-notes-in-combination-with-refinancing/