LevFin Wrap - HY goes hell for leather, Cirsa-cus is back in Town
- Huw Simpson
- +Laura Thompson
- + 1 more
As expected, issuance returned in force this week, bringing a heady mix of refi’s, LBO activity and crossover names. Swollen books, tightening prices and new issuances trading up on the break all suggest plenty of appetite remains for the chunky pipeline ahead.
High Yield Primary
First up was Pasubio, a leather supplier for the automotive industry focusing on the niche premium and luxury market. Offering €340m in Senior Secured FRNs, the group announced the 7NC1 notes on Monday, which alongside a €275m equity contribution will fund the purchase by sponsor PAI (8.0x EV/EBITDA multiple).