An Acuris Company Monthly Report January 2021 Western ...
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An Acuris Company Western Europe Mid Market Snapshot Monthly Report January 2021 This month's highlights: • EUR 8.36bn of possible funding required • 15 Direct Lending funds closed in 2020, no closes to date in 2021 Sandhya Anchan Analyst, Debtwire Par +91-22-62351557 [email protected] m
Transcript of An Acuris Company Monthly Report January 2021 Western ...
An Acuris Company
Western EuropeMid Market Snapshot
Monthly Report
January 2021
This month's highlights:
• EUR 8.36bn of possible funding required
• 15 Direct Lending funds closed in 2020, no closes to date in 2021
Sandhya Anchan
Analyst, Debtwire Par
+91-22-62351557
m
An Acuris Company
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Debtwire Europe
CONTENTS
Current Mid-Market Pipeline 3-12
Quarterly Mid-Market Issuance 13
Annual Mid-Market Issuance 14
Projected Mid-Market Funding Requirements – Region 15
Projected Mid-Market Funding Requirements – Industry 15
Projected Mid-Market Funding Requirements – EBITDA size 16
Completed deals by number of facilities – Tranche type 16
Completed deals by number of facilities – Region 16
European-focused Direct Lending fundraising 17
Direct Lending funds - closes, launches 18
Definitions & Criteria 19
Contact Us/ Disclaimer 20
PRIMARY AUTHORS
Sandhya Anchan
Analyst, Debtwire Par
+91-22-62351557
Maryna Irkliyenko
Senior PE Reporter, Debtwire
+44 (0) 203 741 1220
Sam Robinson
Head of Data, Creditflux
+44 20 3741 1377
An Acuris Company
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MID MARKET CALENDAR
Stage Company/Target Debt Size Broad Industry Country Broad Purpose Advisor(s)Owner(s)/Seller(s)
Bidder(s)/Buyer(s)
Leverage EBITDAEnterprise
Value
Exclusive talks String Furniture TBA Consumer Sweden M&A ClearwaterPrivately owned
Altor TBA €7.2m TBA
Exclusive talks Broadstone £100m Financial Services UK M&A Deloitte Livingbridge Trade players 5.5x €9m TBA
Exclusive talks AFPRO Filters TBA Industrials Netherlands M&AHoulihan
LokeyTBA Madison Industries
4.5x-5x stretched
senior€15m TBA
Exclusive talksCapita (Education
Software Solutions)
TBAComputing and
SoftwareUK M&A
Goldman Sachs
Capita Montagu TBA £50m £500-600m
Exclusive talksMare Nostrum
Romae€40m Construction Italy M&A Deloitte TBA TBA TBA TBA TBA
Exclusive talks Excell Group TBA Telecommunications UK M&A Arrowpoint family-owned LDC TBA £7m TBA
Exclusive talks EXA TBA Consumer Italy M&ALincoln
InternationalAlcedo Trilantic TBA TBA €130m
Final round Kioene TBA Consumer Italy M&AButtignon
Zotti Milan & Co
Gruppo Tonazzo
Ambienta, Chequers Capital
TBA €14m TBA
Final round Hindawi TBA Media UK M&AHoulihan
LokeyTBA
Castik, ICG, Providence, trade
playersTBA €14.3m TBA
Final round SanderStrothmann TBAChemicals and
materialsGermany M&A
CNX Transaction
Partners
Founder owned
TBA TBA €13m TBA
2nd round Wundex TBA Medical Germany M&A CowenBE
BeteiligungenTBA 4.5x €7m TBA
2nd round Aroma Zone TBA Consumer France M&ASociete
Generalefamily-owned
Eurazeo, Ardian, CVC, Bain
5.5x €35-40m TBA
An Acuris Company
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MID MARKET CALENDAR
Stage Company/Target Debt Size Broad Industry Country Broad Purpose Advisor(s)Owner(s)/Seller(s)
Bidder(s)/Buyer(s)
Leverage EBITDAEnterprise
Value
1st round ApoEx TBA Medical Sweden M&A Carnegie Novax TBA TBA €9.9m TBA
1st round Vivera TBA Consumer Netherlands M&AHoulihan
Lokey, Rabobank
Gilde Buy Out Partners
Parcom Capital Management,
Silverfleet Capital Partners
TBA TBA TBA
1st round Norkart TBAComputing and
SoftwareNorway M&A Carnegie TBA TBA
6x unitranche,
5x senior€7.8m TBA
1st round Ambita TBA Internet/ecommerce Norway M&A DNB Markets
Norwegian Ministry of
Trade, Industry and Fisheries
TBA TBA TBA TBA
Ongoing Healthcare21 TBA Medical Ireland M&A William Blair H2 Equity TBA TBA €20m TBA
Ongoing BouWatch TBA Industrials Netherlands M&AHoulihan
LokeyNordian Capital TBA TBA €17m TBA
Ongoing Deli Home Holding TBA Consumer Netherlands M&A ING NPM Capital TBA TBA €40m TBA
Ongoing Aquila Heywood TBAComputing and
SoftwareUK M&A Rothschild Equiniti TBA TBA TBA TBA
Ongoing HAK TBA Consumer Netherlands M&AHoulihan
LokeyNPM Capital Strategic buyers TBA €15m TBA
Ongoing CM Biomass TBA Financial Services Denmark M&A PwCCopenhagen Merchants
GroupTBA TBA €17m TBA
Ongoing TTC Group (UK) TBA Services UK M&A GCA Altium Palatine TBA TBA £7-8m TBA
Ongoing Schock TBA Construction Germany M&A William Blair IK Investment TBA 5.5x €28m TBA
An Acuris Company
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MID MARKET CALENDAR
Stage Company/Target Debt Size Broad Industry Country Broad Purpose Advisor(s)Owner(s)/Seller(s)
Bidder(s)/Buyer(s)
Leverage EBITDAEnterprise
Value
Ongoing Ceban TBA Medical Netherlands M&A Jefferies Bencis TBA TBA €15m TBA
Ongoing Groupe 3R TBA Medical Switzerland M&A Credit Suisse Founder owned TBA 5x-5.5x €9.2m TBA
Ongoing La Maison du Whisky TBA Services France Refi/recapEdmond de Rothschild
RAISE Investissement
TBA TBA €10m TBA
Ongoing Frontier Medical TBA Medical UK M&A Deloitte Kester Capital TBA TBA £7m TBA
Ongoing Orca TBA Manufacturing France M&AAdviso
PartnersTBA Sagard, Capza 3x-5x €14m TBA
Ongoing Vitro TBA Medical Spain M&A Lazard GED TBA TBA TBA €200m
Ongoing Dentix TBA Medical Spain M&A PJT Partners TBA Advent TBA TBA TBA
Ongoing Oikos TBA Construction Germany M&A TBA Equistone TBA 4x €50m TBA
Ongoing Cemoi TBA Consumer France M&A BNP family-owned TBA TBA €40m TBA
Ongoing Wireless CCTV TBA Industrials UK M&A GCA Altium TBA Bridgepoint, LDC 4x-4.5x £6m TBA
Ongoing Kermel TBA Manufacturing France Refinance DC Advisory Qualium TBA 2x €15-17m TBA
Ongoing Notonthehighstreet TBA Consumer UK M&A Evercore TBA Exponent, Great Hill TBA TBA TBA
An Acuris Company
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MID MARKET CALENDAR
Stage Company/Target Debt Size Broad Industry Country Broad Purpose Advisor(s)Owner(s)/Seller(s)
Bidder(s)/Buyer(s)
Leverage EBITDAEnterprise
Value
Ongoing ADEY TBA Industrials UK M&A Rothschild LDC TBA TBA £20m TBA
Ongoing SmartWater TBA Industrials UK M&AGrant
ThorntonPrivately owned TBA TBA £15m TBA
Ongoing hGears TBA Manufacturing Germany M&A Evercore Finatem Industry players TBA €20m TBA
Ongoing Winncare TBA Medical France M&A Natixis Groupe IDI TBA TBA €10m TBA
Ongoing Fast Lane TBAComputing and
SoftwareGermany M&A Baird TBA TBA TBA €10-15m TBA
Ongoing Kinaxia Logistics TBA Transportation UK M&A KPMG TBA Privately owned TBA £17m TBA
Ongoing Corius Gruppe TBA Medical Germany M&A William Blair Ufenau TBA TBA TBA TBA
Ongoing Protec TBA Industrials UK M&A RSM UK TBA
Inflexion, LDC, Equistone, Graphite,
NorthEdge
TBA £15-18m £200m
Ongoing SSP TBAComputing and
SoftwareUK M&A EY
LDC Limited, Scottish Equity
PartnersTBA TBA £11m TBA
Ongoing Neosperience TBAComputing and
SoftwareItaly Add-on TBA TBA TBA TBA TBA TBA
Ongoing FNG TBA Consumer Belgium M&A TBA TBA TBA TBA TBA TBA
Ongoing CC Group TBA Industrials Germany M&A GCA Altium Novum Capital TBA TBA €10m TBA
An Acuris Company
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MID MARKET CALENDAR
Stage Company/Target Debt Size Broad Industry Country Broad Purpose Advisor(s)Owner(s)/Seller(s)
Bidder(s)/Buyer(s)
Leverage EBITDAEnterprise
Value
Ongoing IGEL Technology TBAComputing and
SoftwareGermany M&A DoubleDigit Melchers Gruppe TBA TBA €16m TBA
Upcoming Kramksi TBA Automotive Germany M&A DC Advisory family-owned TBA TBA €32m TBA
Upcoming Plumettaz TBA Industrials Switzerland M&ARaymond
JamesEvoco TBA TBA €8m TBA
Upcoming Phlexglobal TBA Services UK M&A BairdVitruvian Partners
TBA TBA £12.5m TBA
UpcomingGerco
BrandpreventieTBA Services Netherlands M&A KPMG Bolster TBA TBA €5-10m TBA
Upcoming Tinsa TBA Services Spain M&A Rothschild Cinven TBA TBA TBA 500
Upcoming Xceptor TBAComputing and
SoftwareUK M&A Arma Partners CBPE TBA TBA €15m TBA
Upcoming ProData Consult TBA Computer services Denmark M&A Danske Bank Polaris TBA TBA €20m TBA
Upcoming Desotec TBAChemicals and
materialsBelgium M&A Rothschild EQT TBA
5.5x banks, 7x
unitranche€35m TBA
Upcoming T.G.I. Fridays UK TBA Leisure UK M&A TBA Electra TBA TBA TBA £275m
Upcoming Deltalab TBA Medical Spain M&A GreenhillEspiga Capital,
TaldeTBA TBA €15m TBA
UpcomingIndustrie Rolli
AlimentariTBA Consumer Italy M&A TBA TBA
PAI Partners, Eurazeo
TBA €22m €220m
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MID MARKET CALENDAR
Stage Company/Target Debt Size Broad Industry Country Broad Purpose Advisor(s)Owner(s)/Seller(s)
Bidder(s)/Buyer(s)
Leverage EBITDAEnterprise
Value
UpcomingGlobal
Procurement Group
TBA Services UK M&A EY Founder owned TBA TBA £29m TBA
Upcoming Itasa TBA Manufacturing Spain M&A William Blair Magnum TBA TBA TBA €200m
Upcoming Sitowise TBA Construction Finland M&ACarnegie,
Danske BankIntera Partners TBA TBA €20m TBA
Upcoming Ouriginal TBAComputing and
SoftwareSweden M&A Carnegie Procuritas TBA TBA €3m TBA
Upcoming Gu Puds TBA Consumer UK M&A TBA Noble Foods TBA TBA TBA £100m
Upcoming Omni-Pac TBA Manufacturing France M&AAmala
PartnersMotion Equity
PartnersTBA TBA €20m TBA
Upcoming Accomplish Group TBA Medical UK M&A Rothschild G-Square Capital TBA TBA £20m TBA
Upcoming Charles & Alice TBA Consumer France M&A TBA Equistone TBA TBA €10m TBA
Upcoming Fertin Pharma TBA Medical Denmark M&A FIH Partners EQT TBA TBA €34.4m TBA
Upcoming Wavenet TBA Telecommunications UK M&A Oakley Beech Tree TBA TBA €13.3m TBA
Upcoming GBA Group TBA Services Germany M&A TBA Quadriga Capital TBA 7x €25-30m TBA
Upcoming Sweaty Betty TBA Consumer UK M&AGoldman
SachsL Catterton TBA TBA TBA TBA
An Acuris Company
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MID MARKET CALENDAR
Stage Company/Target Debt Size Broad Industry Country Broad Purpose Advisor(s)Owner(s)/Seller(s)
Bidder(s)/Buyer(s)
Leverage EBITDAEnterprise
Value
Upcoming Virgin Wines TBA Consumer UK M&A Lincoln
Mobeus Equity Partners,
Connection Capital
TBA TBA TBA TBA
Upcoming Atrys Health TBA Medical Spain M&A TBA TBA Permira, Macquarie TBA TBA TBA
Upcoming Verasol €50m Construction GermanyRecap/Refi/
Acq lineNielen
SchumanAAC TBA TBA €13m TBA
UpcomingIndustrias
Alimentarias de Navarra
TBA Consumer Spain M&A TBAPortobello
CapitalTBA TBA TBA TBA
Upcoming Desenio TBA Internet/ecommerce Sweden Recap/refi Arma PartnersVerdane,
Founder ownedTBA TBA €20m TBA
Upcoming Atermes TBA Services France M&AAdviso
PartnersFounder owned TBA 2.5x €12m TBA
Upcoming Mobysoft £15-25mComputing and
SoftwareUK Refinance PwC ECI TBA TBA £5m TBA
Upcoming Kynetec TBA Services UK M&AHoulihan
LokeyInflexion Charterhouse TBA £15.4m TBA
Upcoming Key Assets TBA Services Ireland M&A Lincoln Privately owned TBA TBA £3.7m TBA
Upcoming Pizzabakeren TBA Food and Beverage Norway M&A EY Privately ownedStrategics, private
equity houses, Norwegian funds
TBA €9.3m TBA
Upcoming Sortera TBA Industrials Sweden M&A ABG Sundal Summit Group TBA TBA €19m TBA
Upcoming Unicon TBAComputing and
SoftwareGermany M&A GCA Altium Fujitsu TBA TBA €6m TBA
An Acuris Company
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MID MARKET CALENDAR
Stage Company/Target Debt Size Broad Industry Country Broad Purpose Advisor(s)Owner(s)/Seller(s)
Bidder(s)/Buyer(s)
Leverage EBITDAEnterprise
Value
Upcoming Geia Food TBA Services Denmark M&A Danske Bank Credo Partners TBA TBA €7.8m TBA
Upcoming Agilitas IT Solutions TBAComputing and
SoftwareUK M&A BDO NVM TBA 3x £7m TBA
Upcoming Compin TBA Consumer-related France M&A DC Advisory Equistone TBA TBA €20m TBA
Upcoming Creaton TBA Construction Germany M&A Lazard Etex Group TBA TBA €27m TBA
Upcoming Keys Group TBA Medical UK M&A Rothschild G Square TBA TBA £20m TBA
Upcoming Sandcastle Care TBA Medical UK M&A Deloitte Waterland TBA TBA £10m TBA
Upcoming Node4 TBAComputing and
SoftwareUK M&A Arma Partners Bowmark
Montagu, Charterhouse
TBA £13.2m TBA
Upcoming EdiliziAcrobatica TBA Services Italy Add-onEmintad,Cerved
TBA TBA TBA TBA TBA
Upcoming Silver Stream TBA Medical Ireland M&A/refi Clearwater Waterland TBA TBA €15m TBA
Upcoming Foam Partners TBAChemicals and
materialsSwitzerland M&A
Lincoln International
TBA TBA TBA €14m-18m TBA
Upcoming Real Eyes TBA Medical Germany M&A UniCredit Privately owned
Artemis, Oberscharrer,Sanop
tis,Bergman Healthcare/Memira
(NPM Capital)
TBA €5m TBA
Upcoming Stragen Pharma SA TBA Medical Switzerland M&ACantor
FitzgeraldPrivately owned
Adrian, Gilde Healthcare
Partners, Advent International,Apax
Partners
TBA €7-10m TBA
An Acuris Company
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MID MARKET CALENDAR
Stage Company/Target Debt Size Broad Industry Country Broad Purpose Advisor(s)Owner(s)/Seller(s)
Bidder(s)/Buyer(s)
Leverage EBITDAEnterprise
Value
Upcoming Eucon TBAComputing and
SoftwareGermany M&A GCA Altium Hg TBA TBA €10m TBA
Upcoming Navis TBAComputing and
SoftwareUSA M&A Citi Cargotec TBA TBA €23m TBA
Exploration Dennis Publishing TBA Media UK Refi/Add-onTomorrow Partners
Exponent TBA TBA £25m TBA
Exploration Currencies Direct TBA Financial Services UK M&A William BlairPalamon Capital,
Corsair CapitalTBA TBA £30m TBA
Exploration Photobox TBA Internet/ecommerce UK RefinanceMarlborough
PartnersExponent TBA 2.5x-3x £28m TBA
Exploration BigHand £100mComputing and
SoftwareUK Refi/Acq line GCA Altium
Levine Leichtman
Capital PartnersTBA 4.4x £13.6m TBA
Exploration Farrow & Ball TBA Consumer UK M&A TBA Ares TBA TBA TBA TBA
Exploration Gruppo Petti TBA Consumer Italy Add-on Mediobanca TBAItaca, QuattroR ,
Oxy CapitalTBA TBA TBA
Exploration Eurofork €3-4m Industrials Italy Add-on TBA Family-owned TBA TBA TBA TBA
Exploration Maniva €5-10m Consumer Italy Add-on TBA Family-owned TBA TBA TBA TBA
Exploration Irritec €8m Industrials Italy Add-on TBA Family-owned TBA TBA TBA TBA
Exploration Protom €3-5m Services Italy Add-on TBA Privately owned TBA TBA €14m TBA
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MID MARKET CALENDAR
Stage Company/Target Debt Size Broad Industry CountryBroad
PurposeAdvisor(s)
Owner(s)/Seller(s)
Bidder(s)/Buyer(s)
Leverage EBITDAEnterprise
Value
Exploration Amor GmbH TBA Consumer Germany RefinanceHoulihan
LokeyGilde Buy Out
PartnersTBA 4.75x €28m TBA
On Hold Wal-cor TBA Consumer Italy M&A Brera family-ownedIndustrial peers, foreign
operators, fundsTBA TBA TBA
On Hold Innovad TBAChemicals and
materialsBelgium M&A ING, Deloitte
Privately owned
PAI, IKUnitranche
5.5x-6x, Bank 4.5x
€20m TBA
On Hold Orgentec €80m Healthcare Germany M&A William BlairWater Street Healthcare
Partners
sponsors and trade players
TBA €17m TBA
Source: Debtwire Par Sorted in order of latest stage
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Quarterly Mid-Market Issuance
€2.6 €3.2 €4.6 €3.5 €4.1 €4.0 €5.3 €5.0 €3.4 €4.6 €4.8 €4.1 €2.6 €3.2 €3.1 €3.9 €0.5
85
95
123
84
181
200
164
192197
183
222
203196
117
145
174
17
0
50
100
150
200
250
-
1.0
2.0
3.0
4.0
5.0
6.0
1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21
YTD
Volume of Issuance No. of Deals
Source: Debtwire Par*Mid-Market considered any deals for which the debt quantum
is equal to or below EUR 150m-equivalent at the time of the
deal
EU
R b
n.
No
. d
eals
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Annual Mid-Market Issuance
€6.4€6.4
€10.1
€14.0
€18.4
€17.0
€12.9
€0.5 0
100
200
300
400
500
600
700
800
900
0
2
4
6
8
10
12
14
16
18
20
2014 2015 2016 2017 2018 2019 2020 2021 YTD
Volume of Issuance No. of Deals
No
. d
eals
EU
R b
n.
Source: Debtwire Par
*Mid-Market considered any deals for which the debt quantum is
equal to or below EUR 150m-equivalent at the time of the deal
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PROJECTED* MID MARKET FUNDING REQUIREMENTS –
REGION
15Source: Debtwire Par; * Projections based on 40% equity or 5x leverage
EU
R b
n
EU
R b
n
PROJECTED* MID MARKET FUNDING REQUIREMENTS –
INDUSTRY
EU
R b
n
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COMPLETED REGIONAL DEALS BY No. OF FACILITIES, YTD
PROJECTED* MID MARKET FUNDING REQUIREMENTS – DISTRIBUTION by EBITDA RANGE
16Source: Debtwire Par; * Projections based on 40% equity or 5x leverage
EU
R b
n
COMPLETED DEALS BY No. OF FACILITIES, YTD
RCF/Capex/Acq
19%
Term Loans
46%
Unitranche
23%
Surbordinated
12%
Benelux
8%
Southern Europe
35%UKI
8%
DACH
11%
France
38%
0.0
0.9
3.2
1.3
2.9
€0 b
€1 b
€2 b
€3 b
€4 b
<€5m €5m-€10m €11m-€20m €21m-€30m >€30m
Lo
an
vo
lum
e
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EUROPEAN FOCUSED DIRECT LENDING FUNDRAISING
€9 €9
€19
€10
€32
€22
€37
€16
€0
7
12
22
19
25
19
23
15
0.00
€0bn
€4bn
€8bn
€12bn
€16bn
€20bn
€24bn
€28bn
€32bn
€36bn
€40bn
0
2
4
6
8
10
12
14
16
18
20
22
24
26
28
2013 2014 2015 2016 2017 2018 2019 2020 2021 YTD
To
tal
rais
ed
No
. o
f fu
nd
s
Total raised (€bn, RHS) Funds closed (LHS)
17Source: Creditflux
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January direct lending fund closes and launches
Fund name Manager Amount raised(m) Comment
Anima Alternative 1 Anima Alternative € 117First close, fund has a €150m target and €200m hard cap. The fund will mainly invest in debt instruments and direct lending
Investec Private Debt Fund I Investec €165First close of the firm's inaugural debt fund, will focus on corporate backed businesses in the UK, Ireland, Benelux and DACH regions
Zurich Invest Middle Market Lending Europe I Pemberton Capital -First close of UK-based direct lending fund. Targeting €300-500m and a Q3 2021 final close
Source: Creditflux
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METHODOLOGY
• Mid market defined as €/$150m debt size and below, or EBITDA of
less than €/$30-35m
• Projections assume 5x leverage or 40% equity if not stated
COUNTRY/REGIONS
• Country/region of operational risk is determined by location where
the majority of the borrower’s operational revenue is generated
• For deals with tranches issued for different borrowers, country will be
determined on a per tranche basis
• Country of risk will not be determined by the registered domicile of
an SPV outside of where the borrower’s main operational revenue
is generated
LEVERAGED
• The purpose of the transaction is a leveraged buyout, management
buy-out or a sponsor to sponsor buyout.
• Deals for private equity owned companies
• Deals with second lien, PIK or mezzanine tranche(s)
• Deals structured with tranches sold primarily to institutional investors
• Borrowers rated below investment grade
Debtwire reserves the right to determine whether a deal is classified as
leveraged, on a deal by deal basis and will consider a number of factors
such as: type of institutional investor, leverage, pricing, ownership,
location, borrowing history and any other considerations available to us.
Definitions & Criteria
For queries, please email us at [email protected]
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EMEA
10 Queen Street Place
London
EC4R 1BE
United Kingdom
+44 (0)203 741 1000
Asia
16th Floor
Grand Millennium Plaza
181 Queen’s Road
Central Hong Kong
+ 612 9002 3131
Americas
1501 Broadway
8th Floor
New York
NY 10036 USA
+1 212 500 7537
Disclaimer
We have obtained the information provided in this report in good faith from sources that we
consider to be reliable, but we do not independently verify the information. The information is not
intended to provide tax, legal or investment advice. We shall not be liable for any mistakes, errors,
inaccuracies or omissions in, or incompleteness of, any information contained in this report. All such
liability is excluded to the fullest extent permitted by law. Data has been derived from company
reports, press releases, presentations and Debtwire intelligence.
Debtwire is an Acuris company
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