Bankers have launched the remaining part of the jumbo debt sale backing the acquisition of ThyssenKrupp AG’s elevator unit, Europe’s largest leveraged buyout in a decade.
The new 4.05 billion euro ($4.6 billion) bond offering, denominated in euros and U.S. dollars, comes in addition to a proposed cross-border 3.05 billion euro loan issued on Monday to finance the acquisition, according to people familiar with the matter who asked not to be identified because they’re not authorized to speak about it.
Lead underwriters for the bond are Barclays Plc, Credit Suisse Group AG, and Goldman Sachs Group Inc. Deutsche Bank AG, Royal Bank of Canada, UBS Group AG are also involved.
The latest issue comprises the equivalent of 3 billion euros in senior-secured bonds, in addition to 1.05 billion euros in unsecured notes. Between loans and bonds, that brings the total debt being syndicated to 7.1 billion euros, making it one of the largest offerings in the European leveraged-finance market this year.
Rethinking solar costs: Aluminium frames redefine PV industry margins
