WorldPay, Springer reach yank-the-bank targets to reprice

Bookrunners on repricing requests for UK payment processing business WorldPay and German academic publisher Springer Science+Business Media have received the required commitments from lenders to reduce margins on their loans.

  • 27 May 2011

WorldPay needed 85% and Springer 67% commitments in order to activate yank-the-bank clauses that say that dissenting lenders can be forcibly replaced if there is capacity to replace them.

Both companies had received enough orders to cover the book by Thursday evening, meaning dissenters would almost certainly be repaid. ...

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