Henkel shows that aggressive is now the standard

A Eu700m five year refinancing loan for German consumer goods and cosmetics group Henkel, launched on Friday with a margin of 75bp, has established a tight standard for top-tier European companies, bankers said on Monday.

  • 08 Feb 2010

The deal for the A3/A- borrower follows a five year facility from Philips (A3/A-), which also pays 75bp.

“The Philips deal has set a precedent,” said a loans banker on Henkel’s facility. “Henkel has the same rating as Philips, and is comparably strong in the market, so it is ...

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