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Sole bookrunner Morgan Stanley gets deal multiple times covered
Trade was oversubscribed in under 20 minutes
In highly concentrated book, top 20 investors take 90%
The relaunched IPO was cancelled after leads attempted to reduce the transaction to around €300m
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Tikehau poaches Silverfleet partner to establish Frankfurt-based private equity team
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Deal printed with a margin of Euribor plus 500bp and issue price of 98
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Deal comprised a €795m TLB, €150m RCF and €50m capex facility
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Direct lenders poised to take advantage of any slump in issuance
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Margin increased and issue price discounted