SAP ruffles lenders’ feathers with syndication strategy

13 Aug 2009

SAP, the German software company, has drawn criticism from some prospective lenders on its Eu1bn refinancing for the way it appeared to change its approach to the deal before it was launched last week. The appointment of three bookrunners to lead the transaction surprised some, who had thought the loan — much of which has already been pre-placed — would be a self-arranged club.

Bankers at two of SAP’s relationship lenders, which are expected to commit to the transaction, said they had been in discussions with the borrower since January about the refinancing, and had already got internal approval to come into the deal, which was presented to them as a club ...

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