LONDON, July 22 (IFR) - The Winoa Group will not proceed
with a planned high-yield bond deal after investors pushed back
on the transaction's structure, a banker close to the deal said
Winoa had been targeting a EUR260m six-year non-call two
senior secured deal to refinance debt put in place when the
business was acquired by a KKR-led consortium earlier this year.
The group announced the deal on Tuesday July 15 and marketed
the trade to investors through to Friday.
However, several investors said on Monday they were
demanding structural changes to the deal including a lengthening
of the non-call period to three years, while one investor said
that the 10% cash call provision would be scrapped.
The banker said that the increasing number of covenant
changes coupled with worse pricing as the market deteriorated
lead the issuer to hold off.
Although official price talk was not set, one investor said
leads were whispering the deal at a yield of 8.5% area on Monday
(Reporting by Robert Smith, Editing by Helene Durand, Julian