BASF Construction Chemicals next bridge to drop after TKE blowout

By Owen Sanderson
02 Jul 2020

Banks have launched the buyout funding for Lone Star’s purchase of BASF Construction Chemicals into market, as the storming execution of ThyssenKrupp Elevator shows the discount banks must take to exit pre-Covid positions is rapidly shrinking. But underwriters had already taken risk off the table by pre-placing the larger dollar loan, with GSO likely taking a piece.

Deutsche Bank is sole physical bookrunner on the deal for Skyscraper Performance Solutions, the rebranded BASF Construction Chemicals unit sold to Lone Star for €3.17bn in December. Closing is expected in the third quarter.

Passive bookrunners are UBS, UniCredit, Banca IMI, Barclays, JP Morgan and SMBC.

The debt ...

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