Acquisitive Loxam storms into HY markets again with €1.4bn bond package

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By Karoliina Liimatainen
18 Jul 2019

Loxam, the French supplier of industrial rental equipment, printed €1.15bn senior secured notes and €250m of subordinated notes this week, risking a future rating downgrade as it loads up more debt to finance its biggest ever acquisition.

Deutsche Bank was on the left, with BNP Paribas, Crédit Agricole, Natixis and Société Générale acting as joint bookrunners for the issue.

The secured bond, rated BB- by Standard & Poor’s, was split into two tenors of January 2025 and July 2026, with ...

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