Waterford eyes bonds in debt revamp.

(From Irish Independent)

LUXURY goods group Waterford Wedgwood is considering a bond issue as part of a debt refinancing package. No decisions have been made, but Waterford Wedgwood chairman Sir Anthony O'Reilly emphasised the current unprecedented attractiveness of the bondmarket, when he addressed shareholders at the company's annual general meeting in Dublin yesterday.

He alluded to the success of Eircom's recent [euro]1.05bn bond issue, a company where heis also chairman, in a move which signalled Waterford's intention to at least examine the option.

"We are going to try and take advantage of low rate financing," he said. The group has borrowings of around [euro]350m.

Speaking after the meeting, Waterford Wedgwood group chief executive Redmond O'Donoghue said a bond issue was one of a menu of options, which included a possibleequity placing. However, he said an equity placing was very "low down" his list.

Despite announcing 230 job losses at Waterford in recent weeks, Mr O'Donoghue said hecould not rule out further cuts if they were deemed necessary. "It ultimately depends ondemand, and that really depends on customers," he said.

In an update on trading, Sir ...