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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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UK-based private equity firm 3i has made its first investment in the US infrastructure sector, it said on Monday. It has acquired Minnesota’s Smarte Carte, an equipment vendor for the travel and leisure industry. -
CVC has made two unitranche loans in the Netherlands, to Voogd & Voogd and Berning, amid busy activity in leveraged debt markets of all kinds.
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Chlorvinyls firm Inovyn, a subsidiary of chemicals group Ineos, was on course to shave 150bp from its 2024 term loans in a repricing on Thursday. But market participants warned that the trade betrays signs of a lack of discipline in the market.
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Three high yield bond borrowers will be roadshowing for a combined volume of €1.2bn of new high yield bonds this week, with a mixture of familiar refinancing and leveraged buyout funding.
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Europe’s leveraged loan market was set for more than €4bn of offerings this week, as borrowers revel in friendly pricing conditions. Large facilities such as the €1bn loan for DomusVi that was launched on Monday could achieve the tightest prices, said bankers.
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UK housebuilder Miller Homes this week brought its first high yield deal, coming at a time when spreads on sterling bonds with speculative grade ratings have tightened more than 100bp so far this year.
