Picard repricing going strong in Europe while US stumbles

18 Mar 2011

Signs of nervousness in the North American leveraged loan market, where several re-pricings have been pulled in the wake of the natural disaster in Japan, are not likely to affect the fate of a similar Eu675m deal for Picard Surgelés, bankers said this week.

Good feedback from funds had given the transaction good momentum, said bankers working on the deal.

The loans, which were signed in September to back Lion Capital’s buy-out of the French frozen food company, were heavily oversubscribed in the original syndication.

Margins on Picard’s six-year Eu225m term loan ‘A’ and ...

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