Springer to test Europe with €2.5bn cov-lite
A €2.5bn-equivalent cov-lite loan backing the €3.3bn acquisition of German publisher Springer Science by private equity firm BC Partners is the latest opportunity for the European leveraged finance market to show how far it has recovered since the credit crisis and reveal just how competitive it is with the US market.
The deal will contain the largest cov-lite loan marketed in Europe so far, leads said.
Although it will carry a dollar-denominated tranche, banks involved expect the euro portion to be far larger than previous such tranches, including the €450m piece that formed part of the refinancing deal for
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