May 29, 2024 16:52 GMT
Bertrand Franchise (BGRKNG; Snr Secured; B2/B)
CONSUMER STAPLES
IPT6NC1 FRN +425, 6NC2 Fixed 7% to low 7%s
- No FV on this one. Tough co that has reputable brands balanced with leverage in 6x that is unlikely to improve (vs. historical comfort from mgmt).
- Looks like fixed will go through Avis (B1/BB-) at 7.4% but sit wide of recent retail issuer Mobilux (B2/B+/BB-) at 6.65%.
- Re floater, La Doria (B1/B/B+) a food staple retailer/manufacturer priced its 5.5y at 3m+450 earlier this month.
- Notes on co from roadshow pushed out yest.
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