LENZING – Austrian fibre maker Lenzing is offering to swap a large chunk of its existing debt in an effort to cut costs and firm up its balance sheet. The company has announced plans to exchange its €500m “hybrid bond,” a type of financial instrument that sits somewhere between debt and equity, which it first issued in 2020. Hybrid bonds don’t have a set repayment date and help companies raise money without technically increasing their debt, at least on paper.
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