ERM increases euro tranche to €76m

wind turbine
By Ross Lancaster
08 May 2014

Environmental sustainability consultancy ERM has increased the euro tranche of its $655m seven year first lien loan to €76m, part of a $950m package of covenant-lite debt.

The first lien initially had a €40m tranche. “There was a very strong demand for the euros so we increased it to meet that demand” said a loans banker on the deal.

On Wednesday, the borrower cut the margin on the first lien from 450bp to 400bp with a ...

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