Elis looks to refinance M&A debt with Schuldschein

laundry, linen
By Silas Brown
12 Oct 2017

French laundry group Elis has entered the Schuldschein market in the hope of refinancing part of a bridge facility used in its £2.2bn acquisition of UK rival Berendsen.

Ba2/BB rated Elis is offering margins higher than the average non-German issuer, which reflects its lower than average credit rating.

Lead HSBC is offering lenders fixed and floating rate tranches of four, five and seven years, with pricing margins of 140bp-160bp, 150bp-170bp and 175bp-195bp respectively.

Elis ...

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