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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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After weeks of slim pickings in high yield and leveraged loan capital markets, Monday brought a flood of new issue announcements, with MasMovil’s take-private loan, a multi-currency loan from cruise company Carnival, AMS’s bridge for the takeover of Osram, an add-on for IFCO, and a high yield debut in the morning. But that was all hors d'oeuvres to the main course: the long-awaited ThyssenKrupp Elevator bridge in the afternoon. -
J. Christopher Flowers, the eminent private equity investor, sees a lot of potential for new deals in European finance in the aftermath of the coronavirus pandemic.
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Sweden’s EQT, the private equity company, has signed the largest ever ESG-linked subscription credit facility, raising hopes that the structure could become more common among PE firms.
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Telepizza bonds sold off by around 30 points on Monday on news that the company had appointed restructuring advisers, available liquidity was sharply lower than the market had expected, and the company needed around €100m of new money to stay in business — slightly less than the €130m dividend it paid last year after KKR took the Spanish pizza chain private.
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Bonds issued by Spanish gambling company Cirsa have rallied on expectations of support from owner Blackstone, after it disclosed on its investor call that affiliates of the private equity firm had bought €120m of its PIK notes in the market — even though the purchase does nothing to boost the firm’s liquidity profile.
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Some financial sponsors are said to be trying to purchase loans from their competitors’ portfolio companies, as an opportunistic way to benefit from the coronavirus-driven disruption. But the European loan market’s restrictive transfer provisions make this a legal high-wire act.
