Pernod sobers up and flexes terms

Following weeks of speculation that French distiller Pernod Ricard would have to flex its Eu12bn deal, the borrower bit the bullet on Monday, increasing its margins by 30bp and its participation fees 20bp. Read EuroWeek this week to find out what the market thinks of the flex and whether it is enough to convince lenders that were sitting on the fence — the ones that will make or break this deal — to commit.