Pernod swallows its pride — good news for loans
When Pernod Ricard set out in March to raise Eu12bn to
finance its takeover of Vin & Sprit, the loan market gasped at the pricing it demanded. Now Pernod has bowed to the inevitable and coughed up. Paradoxically, this is encouraging for the loan market, showing that issuers are realising they need to satisfy lenders to get deals done.
On Monday French drinks group Pernod Ricard bowed to market pressure and flexed increased the margins on its Eu12bn syndicated acquisition loan by 30bp. It also fattened the fees by 20bp. It may seem ironic, but Europes investment grade loan market should
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