SAP ruffles lenders’ feathers with syndication strategy

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SAP ruffles lenders’ feathers with syndication strategy

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.

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