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Germany's Tank & Rast plans €250 million PIK debt for refinancing
By Paul A. Harris
Portland, Ore., Nov. 14 - Germany-based filling station operator Tank & Rast GmbH Motorway plans to raise €250 million of PIK debt as part of a refinancing for €2.1 billion of debt related to the 2007 buyout of the company, according to a market source.
The refinancing also includes €460 million of high-yield bonds and €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 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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