Westfalia LBO flexes before allocation

Commitments from banks and funds led bookrunners to reverse flex the margins on German tow-bar producer Westfalia’s LBO loans by 25bp. Although pricing has not been disclosed, bookrunners said the margins on the loans — totalling around Eu70m — were the “market standard”.

  • 04 May 2011

db Audiotechnik, a recent German LBO of similar size, is paying 375bp-425bp for its leveraged loans.

IKB was sole arranger and underwriter of Westphalia’s loans, which comprise two term loans (‘A’ and ‘B’), a revolver and a capex facility. The deal has closed and the debt has been allocated.

Parcom ...

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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

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5 Credit Suisse 51,313.00 155 5.49%