BMC Software rejigs credit facilities as euro demand disappoints

BMC Software has radically changed the structure and currency split of its new $5.858bn-equivalent debt financing to feature a smaller loans package — and fewer euros. In its amended form, the transatlantic deal consists of covenant-lite loans worth $4.233bn-equivalent and a high yield bond of $1.625bn.

  • By Olivier Holmey
  • 08 Aug 2013

Lead banks for the US enterprise software provider attributed the amendments to the lower availability of money in Europe, to the inclusion of an asset-sale provision on the loan tranches and to investor interest in the bond’s high coupon.

The drawn portion of the new loans is now ...

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