Europe Junk Borrowers Rush to Refinance Before Brexit Vote
- Altice, Cemex look to replace borrowings as costs fall on ECB
- Looming U.K. referendum could shutter risky debt markets
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Junk-rated companies in Europe are hurrying to refinance debt, locking in borrowing costs at one-year lows amid concerns that a U.K. referendum on European Union membership will paralyze markets.
Leveraged-loan borrowers are poised to raise more money in euros this week for refinancing than in the whole of May, according to data compiled by Bloomberg. The amount amassed for repaying old debt from selling high-yield bonds is on track to be equal to about two-thirds of comparable sales last month.