Stork high-yield refinancing postponed

The bond issue is the final stage in a three-part refinancing plan for Stork, which Arle (formerly Candover) took private in 2008 for €1.5bn. The refinancing was intended to aid in the merger of Stork with RBG, which Arle bought from 3i last year.

The seven-year bond issue was launched on 9 July, hoping to pay 11.5%, but investors showed insufficient demand for the bonds at this level. Arle said that, while the refinancing did not affect the business going forward it would prevent the full legal merger of the two companies.

Stork says it will continue to monitor market conditions.

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• Topics
• Financing
• Arle Capital Partners