Schneider triumphs with big oversubscription

03 Sep 2009

Big scalebacks are likely after France’s Schneider Electric, the first borrower this year to cut margins on a deal, raised over Eu3bn during the syndication of its Eu1.5bn refinancing with 18 banks understood to have joined the loan.

The facility, which refinances a Eu2bn deal, is likely to be increased to that amount, although not beyond.

“The problem will now be allocations, as the deal was over twice oversubscribed,” said one banker close to the facility, adding that lenders on Eu200m tickets could be scaled back ...

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