Issuer: GPA
Amount: $4.05 billion
Launched: March 11
Lead manager: Morgan Stanley
They managed it, but only just. In early March, GPA sold $4.05 billion of asset-backed global bonds, hauling the company back from the brink just weeks before directors at the Irish-based aircraft leasing company would probably have been forced to apply for receivership.
The issue, one of the largest and most complicated bonds ever sold outside the government sector, capped 18 months of intensive negotiations. Right up to the wire it looked as if the deal could fail, with one creditor refusing to agree to details of the restructuring.
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