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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1 Citi 10.72
2 Bank of America Merrill Lynch (BAML) 10.66
3 Credit Suisse 6.45
4 Lloyds Bank 6.42
5 JP Morgan 6.35

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1 SG Corporate & Investment Banking 1,260.06 2 126,006,164,037.19%
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3 Wells Fargo Securities 430.57 1 43,057,020,785.00%
4 SK Securities 192.86 1 19,286,162,593.99%
4 Meritz Financial Group Inc 192.86 1 19,286,162,593.99%