RE:WTF are they doing?It's not so simplistic.
BBD is a CCC rated company; a very low rating. They have a lot of work to do to become a safer company and that takes time.
By the refinancing they gave them fresh air and time to achieved thier goals.
It's a great achievement and a proof of confidence by the bond market to be able to borrow, by an unsecured bond 1,2B$.
The 7,2% interest rate (issued at par) is better than the 7,7 % yield december 2026 already issued bonds. But, for now, it's not an interest rate game but a cash game.
The share price going up by 10% on the new is another demonstration of this well managed recovery.