Grohe ups loan, but cov-lite won’t last, says Fitch

German bathroom and kitchen fittings company Grohe increased the size of its dual-currency covenant-lite term loan by €75m to €375m on the back of strong demand from investors this week. However, rating agency Fitch has predicted the mini-comeback of the borrower-friendly terms will not become a long-term phenomenon.

  • 18 May 2012

The increase in Grohe’s loan will be taken mainly by euro investors, as the borrower confirmed the euro tranche will total €175m, having originally been set at a minimum of €100m. The dollar piece will be $257m, after Grohe initially indicated a minimum $250m tranche size.

But the yield ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 2,454.09 9 13.89%
2 JPMorgan 1,441.26 6 8.16%
3 SG Corporate & Investment Banking 1,292.64 1 7.32%
3 Rabobank 1,292.64 1 7.32%
5 Bank of America Merrill Lynch 1,226.20 5 6.94%