It’s pedal to the metal at Scott’s Refrigerated Transport, with receiver KordaMentha wasting no time in collecting bids for the fiscally challenged group.
As far as auctions go, that’s rapid. KordaMentha took the keys late on Monday and is said to have at least three trade parties already in the data room.
The fact there’s already a data room set up is a clear sign owner Anchorage Capital was taking suitors through due diligence, before throwing in the towel earlier this week. KordaMentha’s just kept the process ongoing.
Bids are due on Friday and then pricing talks will start. Anchorage paid $75 million for the business in 2020 and, obviously, have had a tough time of it.
National Australia Bank is back from the debt capital markets with $1.25 billion in tow via its 10-year Tier 2 notes, with pricing landing tighter than the initial guidance.
Listed franchisee business Retail Food Group has put a $45 million raising to investors, telling them it was the final step in turning the company around new executive chairman Peter George.
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