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Morrisons (MRWLN €Secured 27s B2 Neg/B+/BB- Pos) Tender Results

CONSUMER STAPLES

Single secured €545m 27s (trading a 6.7%/Z+350/€95 to maturity) were not part of initial tenders. £27 secured had £251.5m of £1.075b accepted. Co looks to be paying down debt from £1.8b/337 fuel station sale earlier this year which is expected (Moodys) to help it much leverage into acceptable 6x range. For reference Bertrand (Burger King France & other restaurants) priced its 2030 (B2/B) last week at 6.5%/Z+350 which has moved +1.5pts/-20bps in secondary.


https://www.londonstockexchange.com/news-article/9...

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