Sivantos calls bonds as Widex merger clears anti-trust
Sivantos, a German hearing aid company owned by EQT Parters, is calling €275m of 8% 2023 notes at 102, and drawing on its acquisition debt, issued in July last year, after the European Commission cleared its merger with Denmark’s Widex. Like other companies hit by the deteriorating market conditions last year, it ended up substituting second lien debt for bonds.
The company raised the loans to fund the merger in July, following an announcement in May, but now the merger is cleared to go ahead, the loans will be drawn and the bonds paid off.The EC is the last authority to clear the merger, with Australia, ...
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