Sivantos, formerly known as Siemens Audiology Solutions, is the latest company to take advantage of strong liquidity, launching a repricing of its dual-currency covenant-lite term loan that backed its 2014 buyout by EQT. Deutsche Bank is left lead on the euro tranche and Goldman Sachs is left lead on the dollar tranche, with UBS acting as joint bookrunner. A €305m tranche and a US$600m tranche are seeking to cut a massive 125bp off pricing and are now guided to pay an interest margin of 325bp over Libor/Euribor with a 1% floor, from current pricing of 450bp with a 1% floor. The loans are offered with 101 soft call for six months.
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