Debt Buy-backs by Borrowers - a real option or a red herring?
Can borrowers buy back their own debt? This apparently simple question has been troubling loan market practitioners over the past few weeks following the high profile purchase by Danish telecoms operator TDC (owned by KKR and Apax) of €200 million of its senior debt, something which has, apparently, caused the Loan Market Association to review its standard form documentation to see whether transfer provisions need to be "clarified" in relation to this issue. We analyse and consider the issues.
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