GEMS ditches euros, cheapens loan in jumbo LBO financing

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By Lewis McLellan, Mariam Meskin
31 Jul 2019

GEMS Education hit the market on Tuesday for a $1.65bn financing package for CVC’s purchase of a minority stake in it. The loan margin had to be widened and the euro tranche of the bond was dumped in favour of extra dollar debt, but the bond is trading strongly in the secondary market.

The bond was led by Goldman Sachs, which acted as sole physical bookrunner and global coordinator. Credit Suisse, Citi, Emirates NBD and HSBC shared the ticket. The bond was initially announced as a dual tranche: a $500m senior secured leg and a $300m equivalent euro denominated leg, ...

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