Yesterday Vivendi Universal bought back the last of its high yield bonds, paying ?400 million to complete the company’s turnaround from an overly-stretched, international entertainment operation to a French-focused, investment-grade corporate.
It is a lesson for any multinational in how to change the way your company is perceived. Vivendi has divested its ill-acquired assets, bought back its bonds and transformed itself in the process.
It used the sale of VUE to NBC in the US earlier this year to buy back the majority of its high yield bonds, issued in April 2003, for ?2.3
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