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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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The size of a radical debt restructuring proposed this week by New Look, the UK fashion retailer fighting for survival, caught some by surprise. But high yield bankers and investors agreed that this event will not shut the market as the Phones 4U debacle did four years ago. -
Private equity sponsors have bankers and lawyers working on deals that will seek more flexibility and borrower-friendly covenants this year. But investors are also likely to offer tougher scrutiny this year.
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Belgian private equity firm Cobepa is funding its acquisition of Scalian, the engineering consultancy, with two French investment banks.
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Europe’s leveraged finance market has survived another year without a downturn — indeed, spirits are remarkably buoyant going into 2019. The market is priced for perfection, however, and with rates starting to rise, issuers and investors have some serious forward planning to do. Victor Jimenez reports.
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Telecoms firm Lebara is seeking further changes in its bond terms, including waivers on leverage covenants and a shorter maturity date, after it finally released group financial results which have been delayed since February.
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Spanish supermarket group Distribuidora Internacional de Alimentación revealed a new scheme to solve its financial troubles this week, away from the potential debt cut and cash injection recently suggested by its largest single shareholder, LetterOne.
