LevFin Wrap - eLBOws out in crowded marketplace
- Huw Simpson
- +Kat Hidalgo
If you wanted an M&A wave, you got one this week. A grand total of seven LBOs placed more than €7.2bn of new money into the market, with total issuance of almost €7.7bn. Given the abundance of supply and worrisome macro murmurings many deals failed to tighten meaningfully on IPTs, and Iliad even extended its roadshow - giving investors more time to digest a tricky HoldCo-OpCo structure.
Buysiders are paying for the late Autumn start this year. With 12 issuers currently in the market, common refrains such as - “You can’t look at all of the deals, so you have to find ways to eliminate some early on” - are now once again being sung by buysiders.