Douglas increases loan, pricing

摘要

A leveraged loan backing CVC's buyout of German perfume and cosmetics retailer douglas was increased to €1.22bn from €800m at launch and the bonds reduced as the loan market continues to look more attractive to borrowers and investors amid growing macroeconomic volatility. The Term Loan B was upped twice last week - first to €lbn and then to €1.22bn - following strong uptake from loan investors attracted by the revised pricing issued on June 25, which closed the relative value gap between the loans and bonds. The loan is offered at 500bp with a 1% floor and a 99.5 OID, up from initial guidance of 450bp at 99.5 OID, with no floor. The loan also has 101 soft call protection for 12 months.