Barclays and Deutsche begin Evonik buyout syndication
Barclays and Deutsche Bank have started syndicating the debt backing Advent’s buyout of Evonik’s methacrylates business, a deal which almost escaped the market earlier this year when GSO offered to provide the whole package.
The acquisition loans will include a €965m term loan 'B', a €520m-equivalent dollar term loan 'B', and a €300m multi-currency revolver to fund the spin-off of a business which will be known as Madrid from chemical firm Evonik.The loans were talked at 475bp for the dollars and 500bp ...
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