The leveraged financing backing Hellman & Friedman's acquisition of a stake in Sweden's securitas direct verisure that it did not already own is the largest European leveraged deal to test the market since global volatility hit in the summer. Banks have lined up €3bn of loans and bonds to back the deal and refinance existing debt, which will test investor appetite in both markets for paper and the price at which it can clear. At €3bn, the debt financing is substantially bigger than Securitas Direct's existing debt financing, which totals around €1.7bn. "The company is a strong performer and well known and liked in the debt markets, so it will be able to support the new debt," a banker said.
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