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Toys 'R' Us takes a leaf out of the telephone book

US toy-maker Toys 'R' Us made its debut in the European bond market on Tuesday with a transaction that borrowed investor-friendly language from the telecommunications sector.

The €500m ($466m) deal comprised three-year fixed-rate notes that pay a coupon of 6.375%. The coupon will step up if Toys 'R' Us is downgraded by the rating agencies, a first for non-telecom corporate borrower in Europe.

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