LONDON, Oct 10 (IFR) - Verallia has called off an attempt to
issue a 500m payment-in-kind toggle bond, according to an
investor, after facing pushback from the buyside.
The bond was intended to pay a 490m dividend to the French
glass bottle makers shareholders. Private equity firm Apollo
Global Management is Verallia's majority owner.
"Verallia and its shareholder Apollo have decided not to
pursue this opportunistic transaction under current market
conditions," a message to investors said on Monday.
The deal was originally slated to price by the end of last
week, but IFR reported on Friday that lead-left bookrunner
Credit Suisse told investors there would be a further
announcement on the deal's status on Monday.
Sources said that price whispers on the deal had backed up
to high-9%, having begun at an eight-handle yield.
(Reporting by Robert Smith, Editing by Helene Durand)