Bain and Blackstone buyout bonds clamp down on ‘net short’ investors

By Owen Sanderson
07 Oct 2019

The bond leg of the loan-dominated buyout packages for Kantar and Merlin hit the market on Monday, giving investors a chance to buy subordinated debt in size. But both Bain Capital, and Blackstone, the sponsors, have included controversial provisions to limit the rights of noteholders who are ‘net short’.

The marketing of the senior loans to back the take-private of Merlin by Blackstone, CPPIB and Kirkbi started last week, and were talked this morning at 300bp-325bp for the £1.25bn-equivalent euros, with a  99.5 OID, and 325bp-350bp for the £941m-equivalent dollars, with a 99.5 OID.

On Monday, however, ...

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