VNU has been forced to return to the equity-linked market after the failed conversion of a convertible bond and cancellation of an equity issue.

The Dutch media and information company is having to issue a new €800m ($714.4m) convertible bond to fund a cash payment of €305m after bond holders of a previous convertible issue refused to take up the option of converting to equity. The bond also covers the cancellation of a €500m equity issue due to market conditions.

VNU issues new convertible after redemption fails

Shanny Basar

Morgan Stanley

Moody's Investors Service

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