The reported $125 million bond offering New York-based Dewey & LeBoeuf issued last week to refinance existing bank debt looks to be a tempting alternative to bank loans, but one consultants and firms alike say probably wouldn’t take hold in the Pennsylvania market.
Local firms wouldn’t look to refinance long-term debt simply because most of them don’t have any, those analysts said. And for firms with long-term debt, they have to be of investment-grade quality with sound cash flow and profitability projections to tempt outside investors to want to buy the debt at a lower interest rate than banks would offer.
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