Lonza Specialty Ingredients leads out heavy dealflow

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By Owen Sanderson
26 Apr 2021

Another heavy primary week in European leveraged finance swung into action on Monday, with the bond leg of the buy-out financing for Bain and Cinven’s Sfr4.2bn purchase of Lonza Specialty Ingredients among the highlights.

Deutsche Bank is left lead and sole physical on the $350m seven year non-call three secured notes and €460m eight year non-call three unsecured — the latter stretching the boundaries of normal LBO structures with a Caa2/CCC+ rating out of the gate.

Though it’s usual to structure down ...

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