LAST MONTH A high-profile US corporate with a well-known credit story sold $500 million of six-year bullet senior unsecured notes in a deal arranged by Bank of America Merrill Lynch, Barclays, BNP Paribas and RBS. The deal carried the kind of very light covenant package (excluding a debt covenant, restricted payments covenant and asset sales covenant) typically given only to the strongest credits and the notes priced at 10% with a discount of 98.89 to yield 10.
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