Wolfskin copies Spie’s 50bp margin uplift, follows Vitalia with second-lien tranche

Bookrunners on the €500m LBO loan for German outdoor clothing retailer Jack Wolfskin have responded to investor feedback in early bird syndication by increasing margins by 50bp and replacing €70m of the term loan ‘B’ with a more lucrative second-lien tranche.

  • 28 Jul 2011

"We went out to a few guys, listened to what they said, and made the necessary changes," said a banker close to the deal. "The second lien piece will be offered to everyone."

Wolfskin’s move to increase margins follows that of Spie, which on June 22 added 50bp to ...

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