Levfin pipeline heats up in the wake of Power Solutions

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By Owen Sanderson
18 Mar 2019

Following the success of the jumbo acquisition financing for Brookfield and CPDQ’s purchase of Johnson Controls’ Power Solutions unit, European leveraged loan buyers now have a wide variety of credits to assess, with deals from Ceva Santé, Delachaux, Konecta and Hotelbeds in the market this week.

Power Solutions came with a strong print across the capital structure, with the euro-denominated $2.25bn equivalent tranche coming at 375bp at 99.5 OID, from original talk of 400bp-425bp at 99.0. The dollar loan was also tightened, from 400bp-425bp at 98.5 to 350bp at 99.0, while the dollar bonds ...

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