Tank & Rast trims its cuts following investor resistance

Autobahn
By Ross Lancaster
26 Jun 2014

Tank & Rast, the German motorway services company, has softened a margin cut it is seeking on two tranches of a €1.45bn loan, after pushback from funds.

Before signing the deal, the borrower cut margins by 25bp on two term loans. The first, an €830m term loan ‘A’ priced at 325bp over Euribor. The price of the second, a €570m term loan ‘B’, was 350bp.

The borrower had initially planned a 50bp cut in margins ...

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