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.
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
To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: email@example.com or find out more online here.