ThyssenKrupp Elevator’s blockbuster bridge finally hits the market

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By Owen Sanderson
25 Jun 2020

Banks sitting on €8bn of underwritten debt to finance Advent and Cinven’s buyout of ThyssenKrupp Elevator finally hit the ‘go’ button early this week, unveiling the takeout for the largest European LBO financing in more than a decade. Pre-marketing and pre-placement have helped derisk the exit, but documentation is as weak as on any deal in the pre-Covid market, making the financing a crucial test for the strength of any post-crisis investor resistance, writes Owen Sanderson.

On offer to the market are €3.05bn of senior secured loans and €4bn of bonds, split between secured and unsecured, with tranches in dollars and euros and in fixed and floating rate formats. The package also includes €650m of pre-placed private unsecured bonds, a $500m term loan ‘A’, ...

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