Skin Health LBO sees second lien success

Nestle 230x150
By Owen Sanderson
04 Jul 2019

The largest second lien tranche since the financial crisis, a Sfr1.3bn-equivalent deal, was placed to just five accounts, GlobalCapital understands, supporting EQT, Luxina and PSP’s $10bn buyout of Nestlé Skin Health. The big second lien tickets illustrate the depth of demand for the product, which has been buoyed by the cash raised for direct lending opportunities — and supports the deal through senior syndication.

Deutsche Bank and Credit Suisse, left leads on the euro and dollar tranches respectively, launched the senior debt backing the buyout into general syndication this week, with lender meetings on Monday and Tuesday in London and New York.

This followed weeks of premarketing, which saw certain ...

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