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Germany's Tank & Rast to bring €460 million bonds for refinancing
By Paul A. Harris
Portland, Ore., Nov. 14 - Germany-based filling station operator Tank & Rast GmbH Motorway plans to sell €460 million of bonds as part of an effort to refinance €2.1 billion of debt related to the 2007 buyout of the company, according to a market source.
The refinancing also includes €1.4 billion in bank loans to be led by global coordinators Barclays, Deutsche Bank and Royal Bank of Scotland. The loans are expected to launch during the week ahead.
The financing is also expected to include €250 million of PIK debt.
The Bonn-based company is in the leveraged markets in order to refinance debt incurred in the acquisition of the company by an infrastructure investment vehicle owned by Deutsche Bank from Terra Firma Capital Partners.
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