Pernod swallows its pride — good news for loans

When Pernod Ricard set out in March to raise Eu12bn to finance its takeover of Vin & Sprit, the loan market gasped at the pricing it demanded. Now Pernod has bowed to the inevitable and coughed up. Paradoxically, this is encouraging for the loan market, showing that issuers are realising they need to satisfy lenders to get deals done.

  • 22 May 2008


On Monday French drinks group Pernod Ricard bowed to market pressure and ‘flexed’ — increased — the margins on its Eu12bn syndicated acquisition loan by 30bp. It also fattened the fees by 20bp.

It may seem ironic, but Europe’s investment grade loan market should ...

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5 Barclays 266,010.35 1070 5.78%

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5 Goldman Sachs 17,228.66 97 6.71%