UTAC banks at logger heads as cov-lite loan is spurned
Asia’s first covenant-lite leveraged loan — the $1.1bn facility that supports the buy-out of Singapore’s United Test & Assembly Center — is struggling in syndication, and the bookrunners cannot so far agree on whether to discount it further.
ABN Amro, JP Morgan and Merrill Lynch have arranged and funded the debt to finance the Singaporean semiconductor testing and assembly companys buy-out by Affinity Equity Partners and Texas Pacific Group.Last week, the banks began offering the loan at 95.00 to 96.00, a substantial discount to par, in ...
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