MasMovil bookrunners derisk bond deal with boost to loan

Masmovil from company 575x375
By Owen Sanderson
02 Jul 2020

Banks backing Cinven, KKR and Providence’s take-private of MasMovil have boosted the size of the euro loan tranche in the market this week by €500m, cutting down the planned bond that will fund the remainder of the deal, the first major LBO announced in Europe since the coronavirus crisis.

Pricing has been set at the tight end of the 425bp-450bp talk, with the original issue discount unchanged at 98.

Banks have underwritten €3bn of debt to fund the take-private, with the first tranche launched into syndication last week as a €1.5bn term loan. This has now ...

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