Abertis lenders run scared of LBO format

The possibility of a highly ambitious Eu8bn financing package backing a leveraged buy-out of Abertis, the Spanish infrastructure group, surfaced this week, but bankers were divided over whether the loan market would support such a deal with most saying that a typical LBO loan structure would not work.

  • 09 Jul 2010

A typical leveraged transaction involving institutional investors would not be possible due to the deal’s size, said several bankers. Many argued that a club loan similar to an investment grade facility was more likely.

Nonetheless, two of Abertis’s biggest shareholders, La Caixa and Spanish construction group ACS, which between ...

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