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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 European leveraged loan deal pipeline for September keeps growing, now topping €7bn from more than 10 borrowers. The latest facility is for UK software firm Civica, which Partners Group has acquired from OMERS Private Equity. -
UK telecoms group Virgin Media was in the market for a £200m add-on of its 2024 receivable financing notes on Monday. By Wednesday, it had sold £450m of the deal, proving that demand is not restricted to the high yield debt market for euros, where three more deals were under way.
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Lion Capital, the consumer specialist private equity firm, has funded the acquisition of a controlling stake in sports nutrition brand Grenade with a credit facility from EQT.
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Spanish clothing retailer Cortefiel priced its leveraged buyout bond on Thursday, in a sign that the high yield market is open for challenging credits.
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Clarion Events is set to launch the loan funding for its acquisition by private equity firm Blackstone next week or soon after. The buyer also has funding for a deal to buy Paysafe in the pipeline.
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US private equity firm Carlyle agreed to buy Prima Solutions on Wednesday, deploying its Europe-focused technology fund to so. European market participants say this could be the start of US sponsors growing more active in Europe.
