UTAC banks at logger heads as cov-lite loan is spurned

15 Nov 2007

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 company’s 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 ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Or sign up for a trial to gain full access to the entire site for a limited period.

Free Trial

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.

Oops, something went wrong

We're sorry but at the moment we can't load this data