Mercury set for £235m launch, TLB set at 600bp

The next deal to launch in the European leveraged loan market — Cinven’s buy-out of Mercury Pharma — will offer a margin of 600bp on its term loan ‘B’, providing relief to institutional lenders worried that the double reverse flex on Bartec’s bullet tranche could start a drastic downward pricing trend.

  • 03 Sep 2012
Private equity firm Cinven is using £235m of senior loans to acquire UK pharmaceutical company Mercury Pharma, and has mandated HSBC, Jefferies, Lloyds and Mizuho to arrange the deal. The all-senior loan facilities include a £155m seven year term loan ‘B’ paying 600bp — a full percentage point ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Share % by Volume
1 Societe Generale 15.35
2 Rabobank 14.41
3 Morgan Stanley 11.73
4 Barclays 8.99
5 Credit Agricole 7.57

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1 Wells Fargo Securities 11,897.40 33 11.83%
2 Bank of America Merrill Lynch 9,837.56 29 9.78%
3 Citi 9,714.54 32 9.66%
4 JPMorgan 7,997.38 24 7.95%
5 Credit Suisse 6,335.67 14 6.30%