Opportunistic IG deals keep coming as issuers refi before year end
Four large European issuers this week sought to refinance, reprice and extend debt issued between 2010 and 2012 — in every case cutting earlier margins by a large amount. The trend for ever tighter investment grade margins shows no sign of halting amid a wave of opportunistic issuance.
Bayer, the German chemicals and pharmaceuticals company, is amending and extending a €3.5bn revolving credit facility from 2011, according to a senior loans banker.
The company, rated A3/A-/A, wants to reprice the deal at 27.5bp over Euribor. The amended debt will mature in five years, with an option
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