Westfalia LBO flexes before allocation

Commitments from banks and funds led bookrunners to reverse flex the margins on German tow-bar producer Westfalia’s LBO loans by 25bp. Although pricing has not been disclosed, bookrunners said the margins on the loans — totalling around Eu70m — were the “market standard”.

  • 04 May 2011

db Audiotechnik, a recent German LBO of similar size, is paying 375bp-425bp for its leveraged loans.

IKB was sole arranger and underwriter of Westphalia’s loans, which comprise two term loans (‘A’ and ‘B’), a revolver and a capex facility. The deal has closed and the debt has been allocated.

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4 Goldman Sachs 2,615 4 6.46
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