Company: Colt Telecom
Date: July 1998
Amount: $1 billion
Bookrunner: Morgan Stanley Dean Witter
You’re a fast-growing fibre-optic telecom firm in Europe. You need $1 billion. But the European high-yield bond market is limited, you’re cautious about taking on that much debt, you don’t want to over-dilute your equity and you want a minimal cost of capital. What do you do?
The solution Colt came up with was a deal never tried before in Europe. The burden was split equally between a sterling share offering, a Deutschmark bond and a Deutschmark convertible.
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