No sweat: banks exit long-held PureGym bridge in perfect market window

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By Owen Sanderson
12 Nov 2020

Market euphoria following news of Pfizer’s potential Covid vaccine created a perfect window for lead banks Barclays and Jefferies to sell out of a bridge loan for UK fitness chain PureGym, which they had held since underwriting it in January — one of the last pre-Covid acquisition loans yet to come to market.

As the Covid crisis hit in March, banks found themselves caught with several ‘hung bridges’ — underwritten acquisition financings that had no prospect of an exit against the dismal market backdrop. With the broad leveraged loan index down more than 20 points at one stage, rushing to market ...

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