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AHEAD DB shifts buyout bond financing to loans

机译:提前DB转移买断债券融资贷款

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Banks leading the financing for Centerbridge Partners and Berkshire Partners' US$1.5bn acquisition of information technology service provider AHEAD DB HOLDINGS have dropped a proposed high-yield bond in favour of an all-loan structure. The shift comes as demand for loans heats up, fuelled in part by a CLO market that has started to pick up steam as the cost of debt financing for CLO managers falls. Bookrunners RBC Capital Markets, Deutsche Bank, Barclays, KKR Capital Markets, Macquarie Capital, Truist, Regions Bank and TD Securities had been planning to syndicate US$375m of a total US$785m of first-lien secured debt with a seven-year non-call three senior secured bond. The banks have now dropped the bond portion and will finance all of the first-lien debt with a B1/B rated seven-year term loan. The seven-year loan is being offered to investors at 500bp over Libor with a 1% floor, a 96 OID and 101 soft-call protection for six months. A banker familiar with the deal put the shift to loans down to timing.
机译:领导CentryBridge Partners和Berkshire Partners的融资的银行收购信息技术服务提供商提前的DB Holdings已经下降了一个拟议的高收益债券,支持全贷款结构。随着对贷款的需求,换档是升起的,部分由一部分促进汽油市场,作为CLO经理汇率的债务融资成本。 Bookrunners RBC资本市场,德意志银行,巴克莱,kKR资本市场,麦格哲资本,陶工,地区银行和TD证券一直计划将3.75亿美元的17500万美元的优惠为785万美元,七年非 - 所有三个高级担保债券。该银行现在已经下降了债券部分,并将通过B1 / B评级为七年期限贷款来融资所有先决债务。七年贷款正在为投资者提供500亿楼,1%楼,96楼,101个软呼叫保护六个月。熟悉该交易的银行家将转变转移到贷款到时间。

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