Welcome Break lifeline

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The owner of beleaguered motorway service operator Welcome Break has made a surprisingly generous refinancing proposal to its bondholders. Investcorp has offered to purchase the full £309 million balance of Welcome Break’s class A notes at 97% of par, and the full £67 million balance of its class B notes at 45% of par. The proposal is made possible by RBS’s offer to extend an additional £102.5 million of loan funding to Welcome Break.

At this stage, both classes of noteholders need to approv

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