Boots TLB down as investors take dose of repayment reality
Alliance Boots’ term loan ‘B’, part of Europe’s largest ever LBO financing, edged down in the secondary market on Thursday on the easing of a bout of euphoria that had seen the paper jump five points on the previous day's news of an investment by US pharmacy chain Walgreen.
Some investors said that while the presence of a large corporate shareholder certainly strengthened the credit, the market was realising that the deal was no guarantee of a repayment.
Markit data indicates that Boots loan jumped from 91.8/92.7 at the end of last week to 96.5/97.5 on Tuesday as
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