US investors drive Schaeffler loan momentum
US investors are leading demand for the €1bn-equivalent term loan ‘C’ being syndicated to funds as part of German ball bearings manufacturer Schaeffler’s €10bn bond and loan refinancing.
Lenders have been attracted by the high margin of 550bp and a Libor floor of 1.5% for a five year maturity shorter than the usual seven year bullet term loans that fund managers buy. Talk on the original issue discount is 97. Schaeffler has a target of
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