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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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Financing for Carlyle’s purchase of Flender, a turbine gearbox manufacturer, could set a precedent for leveraged finance, which has lagged behind other debt markets in adopting instruments linked to environmental, social and governance conditions. Other issuers are sure to follow, but the market may have to solve other challenges before this can become a market standard. -
Banks launched the bond leg of a combined €5bn refinancing for alarm company Verisure, which will raise cash for a €1.6bn dividend to shareholder Hellman & Friedman. This payment follows the transfer of the company between two H&F funds at a €14bn valuation.
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Some €700m of CDS contracts referencing Europcar’s debt have been rendered worthless thanks to a technical squeeze in the CDS auction on Wednesday, in a blow for investors who thought they’d hedged their exposure to the troubled car rental firm. The controversial result threatens to reignite debates about whether the CDS market is fit for purpose, ahead of an expected wave of restructurings in the year to come.
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Bank of America, Deutsche Bank and UniCredit have launched the buyout funding for Carlyle’s €2bn purchase of Flender, a company making wind turbine gearing, from Siemens. On offer is a €1.045bn term loan 'B' in sustainable format, plus a €150m revolver and €125m guarantee facility.
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Corporate finance in 2020 was utterly without precedent. Never before had so many once-stable firms seen revenues evaporate instantly, with so little visibility on when the world might recover. Companies did whatever they could to hang on, pulling every lever available to source scarce cash. As 2021 begins, so will a new phase, where the fallout of the Covid rescue playbook becomes clear. Owen Sanderson reports.
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There could be more large restructurings in Europe in 2021 than ever before, as companies seek sustainable capital structures after 2020’s rash of emergency financing. But it’s also a new horizon for the laws that govern restructuring, as countries replace a patchwork of dated and difficult insolvency regimes, and the UK exits the European Union, ending automatic recognition of its court rulings. Owen Sanderson reports.
