(Bloomberg) -- Focus DIY Group Ltd. will pay
investors 40 percent of face value on 100 million pounds ($197
million) of debt if the U.K. home improvement chain is bought by
Cerberus Capital Management LP.
Focus is proposing to pay less than the quoted market value
of the so-called mezzanine debt, which ranks behind more senior
loans for repayment in the event of a default. The 9.375 percent
mezzanine notes due in 2015 were quoted at 45 pence on the pound
today by broker Aston Bond SA on Bloomberg.
Read more at Bloomberg Bonds News
investors 40 percent of face value on 100 million pounds ($197
million) of debt if the U.K. home improvement chain is bought by
Cerberus Capital Management LP.
Focus is proposing to pay less than the quoted market value
of the so-called mezzanine debt, which ranks behind more senior
loans for repayment in the event of a default. The 9.375 percent
mezzanine notes due in 2015 were quoted at 45 pence on the pound
today by broker Aston Bond SA on Bloomberg.
Read more at Bloomberg Bonds News
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