Fri 07/09/2021 15:35 PM
The ad hoc group of holders of Carlson Wagonlit Travel’s $250 million third lien notes due 2026 paying 9.5% cash and 2% PIK previously organized
with Glenn Agre as counsel and Jefferies Financial Group has disbanded and joined an ad hoc group of second and third lien noteholders advised by Paul Weiss and Evercore, according to sources. Continue reading for our EMEA Core Credit and Americas Core Credit teams' reporting on Carlson Wagonlit Travel's notes, and request a trial for access to reporting and analysis of hundred of other stressed, distressed and performing credits.
The $411 million 6.75% second lien notes due 2025 last traded in size on June 23 at 93.5, yielding 8.5%, according to TRACE. The third lien notes last traded in size on July 1 at 50.5.
The business travel manager skipped
coupon payments on its second and third lien notes last month, entering a 30-day grace period, as reported. Certain creditors have signed
nondisclosure agreements to negotiate a debt restructuring with Carlson Travel, as reported.
Glenn Agre, Jefferies Financial Group and Paul Weiss did not immediately respond to requests for comment. A representative for Evercore declined to comment.
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