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Jumping through hoops

Spend enough time in credit, and the same names (and assorted dramas that go with them) come around again and again, like one long Scooby Doo cartoon. 

Case in point: Citrix, the cause of many sleepless nights for bankers throughout 2022, returned to the broadly syndicated market this week for a $1bn add-on loan to repay some preferred equity. In the space of a one-day syndication, the deal both triggered memories of last year’s hung debt debacle and showed how much things have changed since then.

The reaction of one source, who we caught mid-travel and thus was out of the loop on the day’s new issuance, summed it up when we described the transaction: “Really?! That’s f***king awesome, I love this industry.”