Financing firm for KKR’s Viridor buy despite market chaos

By Owen Sanderson
19 Mar 2020

Banks financing KKR’s £4.2bn purchase of waste management firm Viridor from Pennon were able to demonstrate certainty and deliverability of the financing for the deal to the Pennon board, despite chaotic markets which have seen rapid plunges in the prices of leveraged loans and high yield bonds.

RBC Capital Markets and UBS were M&A advisers to KKR on the purchase, which followed an auction process with other sponsors said to be involved. Barclays and Morgan Stanley advised Pennon, whose other major business is South West Water, on the sale, which followed ...

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