Leveraged finance bankers stare down big M&A pipeline

摘要

European leveraged finance bankers say the M&A pipeline that needs to be funded could be as big as €40bn, with most of that supply expected to come before the end of the year. Deals lining up for attention include an at least €2.7bn-equivalent financing package backing Canadian real estate company Brookfield's buyout of MODULAIRE GROUP (formerly Algeco), £6.4bn of debt backing US sponsor Clayton, Dubilier & Rice's proposed takeover of British supermarket MORRISONS and €1.78bn-equivalent financing for Arrow Global. Other deals in the wings include Spanish telecoms operator MASMOVIL's acquisition of Euskaltel, "There's a healthy pipeline but I don't think it's going to drown the market," said a senior leveraged finance banker.