JP Morgan dusts off Micro Focus refi

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By Owen Sanderson
26 May 2020

JP Morgan has started syndication on a refinancing loan for Micro Focus, a deal first marketed at the end of February but pulled in the first week of March, in a further sign that the loan market is healing enough to start clearing the overhang of pre-coronavirus financings.

The loan is being marketed at 450bp over Libor and Euribor for the dollar and euro tranches respectively, and targeting a 97 original issue discount (OID), against the initial price thoughts in February of 375bp-400bp at 99 on the dollars and 325bp-350bp at 99.50 on the euros.

The ...

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