New Issue Comment: Verallia
Horizon Parent Holdings, the indirect parent of Verallia, is offering €350m of 5NC2 pay-if-you-can notes. The net proceeds will be mainly used to pay dividends, i.e. €280m to Apollo (90%) and €31m to BPI (10%) but the latter will leave this sum in the company. Along with €29m of bond proceeds, this will allow Horizon Parent Holdings to own €60m in cash, a sum large enough to pay the first two years of interests in cash...
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