Legrand high-yield snub

Lending banks have rejected bond investors’ demands for better security and a more senior position in future high-yield structures. Last month senior lenders failed to agree to a waiver on the upcoming Legrand deal that would have given investors stronger recovery prospects in the event of default.

Bond investors were calling for a change to the structure of the €600 million-equivalent junk bond from Legrand, a French plug and switch maker, to make bond investors equal in status to the banks

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