Banks cut pricing as Evonik syndication stumbles

The buyout loan backing Advent’s acquisition of Evonik’s methacrylates business has struggled in the first round of syndication, with leads increasing the OID and targeting the wide end of guidance.

  • By Owen Sanderson
  • 06 Jun 2019

The acquisition was agreed at the beginning of March, following an auction process begun last autumn. The business sells Plexiglas, and other related products, with manufacturing sites across Germany, North America and Asia.

GSO Capital offered staple financing to support the sale, in what would have been one ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.

Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 7,517.46 42 6.58%
2 BNP Paribas 7,317.76 54 6.40%
3 Goldman Sachs 7,236.80 38 6.33%
4 Credit Agricole CIB 6,744.91 37 5.90%
5 Barclays 6,209.03 28 5.43%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Citi 4,728.01 24 9.17%
2 JPMorgan 3,649.83 29 7.08%
3 Deutsche Bank 3,638.27 22 7.05%
4 Barclays 3,441.80 22 6.67%
5 Goldman Sachs 3,389.62 26 6.57%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 18,847.11 143 9.43%
2 JPMorgan 18,279.02 147 9.15%
3 Goldman Sachs 14,831.56 109 7.42%
4 Bank of America Merrill Lynch 14,255.85 117 7.13%
5 Morgan Stanley 12,912.93 86 6.46%