By Silas Brown
06 May 2021
Golden Goose, the Italian shoemaker bought by Permira just before the coronavirus pandemic struck Europe, is looking for €470m of senior secured bonds in what may be the last repayment of a bridge facility signed before Covid. Hung bridges for leveraged buyouts were a serious concern for banks at the height of the pandemic but due to governments and central banks supporting the financial markets, lenders sold down the positions successfully — mostly much earlier than Golden Goose, writes Silas Brown.
Bank of America, Barclays, Banca IMI, Credit Suisse and Goldman Sachs provided the €470m bridge facility for Permira's €1.3bn February 2020 buyout of Golden Goose. The bridge has a margin of 425bp over Euribor with a margin ratchet up to 575bp over the course of its seven year maturity.