Germany-based packaging group Mauser reduced a dollar portion in favour of euros on a US$1.6bn dual-currency covenant-lite buyout loan due to investor demand. A US$925m seven-year first lien facility finalised with a US$320m tranche and a €445m tranche after the euro portion of the deal was increased by €105m and the dollar portion reduced by the same amount. The deal was priced at the tighter end of guidance with the dollar portion paying 350bp over Libor and the euro portion 375bp over Euribor at 99.5 from initial guidance of 375bp-400bp at 99. There was a 1% floor and 101 soft call for six months. In a change of gear from recent cross-border deals, the euro portion paid a 25bp premium to the dollar tranche.
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