Cobham take-private debt starts syndication

Cobham_F35_PA_230x150
By Owen Sanderson
20 Jan 2020

Loans backing Advent’s takeover of UK defence contractor Cobham, which received government approval over Christmas, have started general syndication, bringing welcome new money loans with a margin on the right side of 400bp.

Credit Suisse and Goldman Sachs are physical bookrunners on the euros, with Goldman alone on the dollars. The currency split is €885m of euros and $788m of dollars, both marketed with 425bp margins. The original issue discount on the euros is 99.5 and 99 on the ...

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