Siemens LBO to snub loans for red hot high yield market
A Eu2bn buy-out of Siemens’ hearing aid business is likely to be financed with high yield bonds, bankers said this week, raising the prospect of a big disappointment for the leveraged loan market.
Siemens wants the funding, which will total about Eu1bn, in place by February 22. Several leveraged loan houses are bidding for the mandate. But, despite their excitement over the last month, bankers have talked down prospects of a loan in the last few days.
"My sense is that it
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