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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
Relief that the first European IPO after summer has grown in the aftermarket, though not without large concessions
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Parts Holding Europe, the French vehicle component distributor, postponed its attempts to list on the Paris Stock Exchange on Wednesday, making it the latest in a long line of companies to have to pull a deal. The initial public offering market has been volatile for some time, but there is a growing feeling that it is becoming ever harder to get deals done.
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Carlyle’s credit opportunities fund has provided a full €400m unitranche financing for Infront, after the Swiss sports marketing company opted to switch tracks from its original syndicated loan, launched in April.
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Marketplace lender SoFi became a publicly traded company on Tuesday morning after it’s merger with Social Capital Hedosophia Holdings, a special purpose acquisition company.
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TDR Capital is injecting £100m in equity and a £250m payment-in-kind financing to recapitalise gym chain David Lloyd Leisure, as part of a broad-based refinancing including the firm’s first public high yield bond issue. Barclays, which has done most of TDR's recent deals, is running the £900m-equivalent bond, announced on Tuesday morning.
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Banks launched the first leg of the buyout package for Hillhouse Capital’s purchase of Philips Domestic Appliances on Tuesday, readying an €850m seven year term loan, with bonds to follow.
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Nordic Capital, the Swedish private equity firm, has signed a sustainability-linked revolving credit facility, as ESG finance continues to make inroads into private equity.