Verisure €1bn divi deal bypass levfin alarms
Is demand in Europe’s leveraged finance market so strong that a single-B rated borrower could raise €3.5bn of high yield bonds and loans, and use some of the cash to fund the largest dividend recapitalisation of the year? Verisure began marketing such deal this week, and many investors appear to like it.
European leveraged finance has become a “wonderland” for borrowers who have the upper hand and seek ever more aggressive terms, in the words of a high yield fund manager.
The proof of this came this week. On Wednesday, Verisure, the Swedish security systems group, launched €2.38bn of
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