Verisure launches €350m loan refi
Verisure joined the runaway repricing train in European leveraged loans this week, launching a €350m term loan ‘B’ as it looks to refinance an existing Swedish kroner facility paying more than 500bp.
The existing €280m-equivalent kroner loan pays 425bp over Stibor with a 1% floor, a price point new to euro leveraged loan investors, following the precipitous drop in margins since mid-2016.“The market is just crazy really,” said one senior portfolio manager. He added that he thought even a ...
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