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Deals of the year 2009: High-yield bonds make mark as M&A tool

Senior secured bonds seek to replace bank loan market.

Issuer: Unitymedia
Amount: €2.66 billion equivalent
Date: November 17 2009
Arranger: Credit Suisse

European high-yield became the comeback kid of the Eurobond market in 2009 after an 18-month hibernation prompted by the financial crisis. After its return it performed a vital role in sub-investment-grade financing as the leveraged loan market, once the pillar of the high-yield market, was no longer the funding vehicle of choice, particularly in acquisition financing. The financing of Liberty Global’s November acquisition of Germany-based cable operator Unitymedia from a private equity group including BC Partners and Apollo for $5.2

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