Hoist Kredit has met with investors across Europe this week with the intention of launching a euro-denominated sub-benchmark offering of subordinated notes. Deutsche Bank and Nordea are joint lead managers on the transaction.
Proceeds from the callable tier-two notes will be used to refinance the issuer’s existing subordinated debt. Hoist Kredit made its debut in the European high-yield bond market last year, with a €250 million offering of 3.125% unsecured notes due 2019.
Moody’s has placed Hoist’s Ba1 debt and issuer ratings on review for upgrade on the prospect of the issuance, noting that dependent on the size of the transaction, the firm’s subordinated debt could exceed the firm’s outstanding junior debt, giving investors a more substantial cushion of protection.
Hoist Kredit is a subsidiary of Hoist Finance, a debt-restructuring partner to international banks. — Nina Flitman
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