An €818m loan backing the buyout of French veterinary Pharmaceuticals firm ceve sante animale is the first post-crisis, euro-denominated covenant-lite deal to be raised for a European company. The deal was initially launched in euros and US dollars, but was heavily oversubscribed in euros, allowing the arranging banks, which underwrote the deal, to remove the dollar tranche. Cov-lite loans have been introduced to Europe on dollar and euro-denominated cross-border deals, initially for US companies and subsequently for European companies.
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