MasMovil finishes LBO takeout with bond debut

By Owen Sanderson
24 Sep 2020

Spanish telecoms group MasMovil has finished taking out its acquisition debt for its take-private by Cinven, KKR and Providence Private Equity. Most of the €2.9bn financing came through a loan, allocated in July, with the bond portion offered this week following shareholder acceptance of the offer. Flexible documents prompted some criticism but the company’s strong growth story saw the bonds clear at the tight end of talk.

The loan issue was announced as a €1.5bn issue, and increased to €2bn in general syndication, before another €200m was added on — derisking the deal while the take-private offer to shareholders was running over the summer. Shareholders backed the offer last week, with 86% approval, clearing the ...

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