Johnson Controls LBO debt launched

With market conditions strong last week, leads on the most hotly anticipated leveraged financing of the year decided to press ahead and launch. The $10.5bn debt package backing Brookfield’s buyout of Johnson Controls’ Power Solutions business will hit all the major pockets of demand, with term loans in dollars and euros, senior secured bonds in dollars and euros, and unsecured notes as well.

  • By Owen Sanderson
  • 04 Mar 2019

The debt on the deal, branded Power Solutions, will feature a $750m senior secured revolver, a $3.2bn senior secured seven year US term loan ‘B’, and a $2.25bn (equivalent) seven year euro-denominated term loan ‘B’.

JP Morgan is left lead on the dollar term loan ‘B’, and ...

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Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 1,517.16 8 8.24%
2 Goldman Sachs 1,495.21 6 8.12%
3 BNP Paribas 1,084.57 11 5.89%
4 Credit Agricole CIB 1,067.13 8 5.80%
5 Bank of America Merrill Lynch 1,011.25 5 5.49%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Citi 849.80 7 9.43%
2 JPMorgan 703.06 6 7.80%
3 Deutsche Bank 636.38 4 7.06%
4 BNP Paribas 604.64 5 6.71%
5 Goldman Sachs 489.41 4 5.43%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 7,543.36 49 10.94%
2 JPMorgan 6,501.33 48 9.43%
3 Bank of America Merrill Lynch 5,031.63 36 7.30%
4 Goldman Sachs 4,632.90 32 6.72%
5 Credit Suisse 4,456.07 30 6.46%