Buhrmann's new bank debt is expected to be well received when it breaks for trading. One dealer anticipated that on a conservative basis the U.S. portion of the loan would trade in the 1001Ž4-1003Ž8 range. No estimates for the European tranches could be obtained, but a few traders predicted the name would trade strongly.
Buhrmann is a stressed name that is being refinanced, but there are plenty of names with hair on them that trade over par, said one European trader. The company is about 2.2 times levered at the senior level, which is very conservative, another trader said. Combine that with the boilerplate European loan pricing and the loan is likely to trade very strongly, he added. The deal is led by Deutsche Bank and ABN Amro. Buhrmann is a Netherlands-based distributor of office products and graphic systems to the business-to-business market.