A corporate debt restructuring is never completely straightforward, but when the company in question – Arqiva, the UK’s largest broadcast equipment operator – also has £2.6 billion of significantly out-of-the-money interest rate and inflation swaps, all with looming simultaneous mandatory break clauses, it becomes a unique challenge.
It took the best part of two years to find a solution, as well as the combined efforts of 19 banks, dozens of lawyers, and Arqiva and its adviser, Rothschild Group.
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