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Karis Hustad

Just like the Three Lions, leveraged finance investors faced a tricky Spanish situation this week.

All eyes were on how Vodafone Spain would wrap up, as the financing for its acquisition by Zegona brought a massive slug of much-needed new money supply into the market.

However, as we wrote in our analysis of the deal, investors didn’t have an easy time with the turnaround story. Zegona was seen as an unusual sponsor, and the valuation of the company was very low. Many lenders were already invested in the more levered, but far more palatable MasOrange and would have gladly added to their positions. But a BB-rated company offering close to B2 pricing had CLO investors carefully considering whether to play.

Some of the concerns were underlined by the swathe of documentation changes just ahead of the commitment deadline (originally set for 9 July but eventually wrapped up a day later; it still counts even if it’s in stoppage time).

Most changes centred on value leakage (likely a nod to Altice-related jitters), such as removing a basket for equity distributions of unrestricted subsidiaries, expanding its J.Crew blocker, and lowering of the net leverage threshold on its restricted payments basket.

Demand for the bonds also outpaced loans, potentially with an eye toward locking in higher coupons.

"The bonds could see better upside given they have pricing protection for at least two years whereas the loans could be repriced after six months if performance is good,” said a buysider.

All in all, Vodafone Spain pulled it off (as its national team is favourite to do on Sunday), pricing a €920m TLB at E+425bps and 99.5 and $400m TLB at S+425bps and 99, alongside €1.3bn SSNs priced at 6.75% and par, and $900m SSNs priced at 8.625% and par. These each priced at the wide end of initial talk.

Beyond the Spanish telco, there was a smattering of new issuance, but the market seems to be settling in for a quiet part of the year.

“Now it's going to be relatively quiet until after summer,” said a second buysider. “It's just going to be opportunistic stuff now, maybe bolt-ons, recaps, but nothing like what we’ve been through.”

Still, we’re hearing whispers of chunky financings in preparation, so rest up while you can.

There were a few new names to keep investors busy over the last week.

Befesa, which provides waste recycling services to the steel and aluminium industries, is out seeking to amend and extend its €626m TLB three years to July 2029. Price talk is E+275bps at 99.75-100 — a slim margin that may make it a difficult buy for CLOs.

Ramudden, a Swedish network of infrastructure safety companies, is also in the market with an A&E. The transaction will increase its existing €785m TLB to €995m, and fund its acquisition of RSG International. Price talk on the Triton-backed company’s deal is E+450bps and 99.

Elsewhere German CDMO Aenova priced a €400m TLB — part of the financing for Kühne Holding’s acquisition of a majority stake in the company — at E+375bps and par. It came with a chunky equity injection by its new owner, cutting leverage, but also on the back of positive momentum with new contracts and products, we reported.

Here’s a look at recently priced loans:

Here’s a look at what’s currently in the market:

High yield had a similarly quiet week, albeit with some big deals to anchor the market.

The Rossini holding company, which owns a majority stake in Italian pharmaceutical company Recordati priced €1.85bn in SSNs/SSFRNs, pricing €1bn of 6.75% SSNs at par and €850m of E+387.5bps SSFRNs at par, both tighter than price talk. There are preliminary proposals by the likes of KKR, TPG and Advent to acquire part or all of the company from owner CVC, according to Bloomberg.

For more, here’s 9fin’s Bond Legal QuickTake, Credit QuickTake, and ESG QuickTake.

Italian luxury materials supplier Rino Mastrotto priced €320m in E+475bps SSFRNs at 99.5.

Besi, a Dutch supplier of semiconductor assembly equipment, priced €350m of 4.5% SUNs at par.

Here’s a look at recently priced bonds.

Get in touch at marketing@9fin.com to request 9fin's weekly leveraged loan movers, high yield bond movers and forward pipeline.

European LevFin Wrap — Vodafone Spain’s last minute winner

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