TDC bonds Diplomatic dealings

The private equity buyers of TDC have learned from the ISS rumpus. They have agreed to buy back all the Danish telecoms group’s existing bonds if their recently announced buyout offer goes through. The decision may soothe the nerves of bondholders in large public companies, who have been on edge since EQT and Goldman Sachs took ISS private earlier this year. The two buyers refused to retire ISS’s existing bonds, subordinating them to the debt pile they loaded on the Danish cleaning services fir...