Florida-based cargo provider Western Global Airlines is set to enter the junk bond market for the first with issuance of $410 million of senior unsecured notes due in 2025. Western Global intends to use the proceeds to fund the purchase of part of the shareholdings from its existing shareholders on behalf of an employee share ownership trust, according to Bloomberg. The $410 million deal would be the first time the cargo provider has entered the junk bond market and if the issuance is completed the company’s chief executive Jim Neff, and other shareholders, will sell up to 49% of the company
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