Loan investors in the driving seat as Amer and Ahlsell change docs

By Owen Sanderson
27 Feb 2019

The first two big acquisition loans of the year in Europe, for Amer Sports and Ahlsell, have both been subject to pushback from investors on some of the most borrower-friendly terms in their original security packages. That has set a standard for new deals, now markets have recovered much of the ground they lost in the fourth quarter.

Both deals are set to be signed this week, Amer Sports on Wednesday and Ahlsell on Thursday. On both deals, the original terms have been changed extensively in investors' favour.

Changes include pushback on the MFN provisions. These protect existing lenders by resetting margins in line with any ...

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