Buhrmann's e175 million add-on broke in the secondary market at 100-100 1/4 last week. A dealer said trading volume was light on the break of the credit, which is also offered in U.S. dollars. Deutsche Bank and ABN AMRO lead the loan, which is priced at LIBOR plus 1 3/4% (CIN, 9/11).
The financing will be used for the e271 million acquisition of Anvord Tybring-Gjedde ASA, a Norwegian office and computer supplier. Because lenders have historically liked the credit, one dealer attributed the light trading to the fact that investors have probably chosen to hang onto their allocations rather than sell positions in the secondary. He added that a lot of European banks are lenders in the name. Buhrmann is a Dutch office products supplier. A spokesman did not respond to requests for comment.