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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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Fintech firm Paysafe has disclosed the financial structure initial lenders have put in place before they begin marketing the all-leveraged loan funding of its acquisition by CVC and Blackstone from Old Mutual and Threadneedle. -
Stiga, the company known until June as Global Garden Products, is out with a refinancing loan deal led by one of its shareholders, the speculative grade investor Alcentra.
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Bain Capital and Cinven's €5.3bn buyout of German pharmaceuticals maker Stada went through this week, the firm announced on Friday, after a tense build up to Wednesday's midnight deadline, with the 63% shareholder acceptance threshold only just being reached.
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AR Packaging, the Swedish maker of packaging for food, increased its LBO loans with a dividend recapitalisation deal on Tuesday. The move follows a trend of loan borrowers taking on more leverage ahead of new European Central Bank guidance on leverage limits.
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US private equity firms keep an eye on European deals, but their doubts over the eurozone’s future become a deterrent at times. Now that Germany and France are signalling a zealous commitment to the European project, the chance is ripe to regain their trust.
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Bain Capital and Cinven’s second attempt for German pharmaceuticals manufacturer Stada could meet the same fate as their last one later this week with shareholders tendering around a third of the firm’s shares, leaving only until midnight on Wednesday for the 63% threshold to be reached.
