More junk bonds from Qantas
QANTAS plans to raise at least $100 million through a second issue of high-yield bonds, also known as junk bonds or unsecured notes, following the $300m eight-year notes issued as Australia’s first junk-rated bond three weeks ago.
The company, stripped of its investment-grade rating amid losses, will be issuing the new tranche via a seven-year note due in 2021 in a response to high investor interest. Deutsche Bank is managing the sale.
The sale has been marketed in the region of yielding 385 basis points over the swap rate, with final pricing due today.
The proceeds will be used to pay down shorter-term debt. This will also be Qantas’s last issue of high-yield bonds this year.
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