Bartec’s reverse flex: a curse in disguise
The bookrunners on Charterhouse’s buyout of Bartec have done a stellar job syndicating the €348m senior loan financing. The way the five banks have gone about it has avoided any risk of Bartec’s deal blowing up — apt for a company that specialises in preventing explosions.
The reward has been total success. Launching in August, not the most popular time to syndicate, proved a masterstroke, as Bartec found it had the deal-hungry market all to itself.
Then, by starting with reasonably wide pricing of 550bp on the term loan B, the deal garnered enough
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