Techem refi hits leveraged loan desks

Bookrunners are preparing to launch syndication of €550m of loans for Macquarie’s German meter-reading company Techem (B1/BB-), which is also planning to issue €735m of high yield bonds as it looks to refinance part of its debt.

  • 14 Sep 2012

The presence of the high yield bond means that the loan will be sold through the banks’ leveraged finance desks. When Macquarie raised €1.15bn of loans to finance its buyout of Techem in 2008, most banks syndicated the deal from their infrastructure desk.

With six bookrunners on the refinancing, ...

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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 2,007 6 16.61
2 Goldman Sachs 1,798 4 14.88
3 BNP Paribas 1,434 4 11.87
4 Barclays 1,097 2 9.08
5 Morgan Stanley 1,094 2 9.06

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4 Wells Fargo Securities 16,568.24 48 8.75%
5 Barclays 13,499.53 45 7.13%