By Owen Sanderson, Silas Brown
11.00 AM
UK courts have endorsed gym chain Virgin Active’s restructuring plan, a precedent-setting move which shows that the UK’s new restructuring law with its ‘cross-class cramdown’ feature can be used instead of a CVA to cut debts to landlords. Some claim it represents a further attack on already-struggling landlords, but others argue than having all creditors share the pain at the outset should mean better recoveries if other chains follow this approach.
The new UK law was heralded last year as a potentially huge leap forward (though some were critical of its provisions), adding new tools to the armoury of restructuring professionals, and giving companies more flexible options to manage their capital structures in distress.It was colloquially called the
By Silas Brown
02.15 PM
Diagnostics firm Cerba Healthcare has made the key performance indicators on its sustainability-linked loan more ambitious, after talks with leveraged loan investors on its financing for its buyout by Swedish private equity firm EQT. Cerba Healthcare, which operates 704 laboratories with 100 technical facilities, is looking for €1.525bn of term loan ‘Bs’ in its LBO. Alongside this, the company is preparing to sell €420m of seven year senior secured notes and €325m of eight year senior unsecured notes. The LBO also includes
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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.
By Silas Brown
07 May 2021
French steel parts and distribution company Jacquet Metal Service has launched a further Schuldschein, according to sources. The market is gearing up for somewhat of a renaissance after a moribund 2020 and GlobalCapital understands that 10-15 more transactions are set to be launched in May. BayernLB, which has led the previous two JMS deals on its own, is offering investors a five year Schuldschein at a margin of 175bp. The deal will be priced over mid-swaps for fixed rate notes, and six month Euribor for floating. The last deal for the issuer
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By Silas Brown
05 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 to repay bridge facilities signed in the acquisition.
Goldman Sachs, left lead on the issue, is joined by Credit Suisse as joint physical bookrunner. Bank of America, Barclays, and Intesa Sanpaolo are joint bookrunners. They held a global investor call on Tuesday, with small group meetings due to take place until Friday morning. The tenor for
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