TKE takeout lifts off with bond leg revealed

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By Owen Sanderson
24 Jun 2020

The second slice of the ThyssenKrupp Elevator financing hit the market on Wednesday, with €4bn of bonds announced across secured and unsecured tranches in dollars and euros, joining the €3bn of loans earlier this week as part of the package to fund Europe’s largest LBO in a decade.

Advent and Cinven’s €17.2bn buyout of the unit was signed on February 27, shortly before leveraged finance markets shut as the Covid-19 crisis took hold. Banks have been sat on the giant bridge facility ever since, having agreed terms when markets were booming.

But as credit markets have ...

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