LeasePlan postpones 1.55bn LBO bond - sources

jueves 11 de febrero de 2016 13:23 GYT

By Robert Smith

LONDON, Feb 11 (IFR) - LeasePlan has postponed the 1.55bn-equivalent holding company bond backing its leveraged buyout, according to several sources.

The transaction delay comes despite lead managers sending out official price talk on the deal on Wednesday evening. A euro five-year non-call two-year was talked at 7.50 to 8%.

A euro seven-year non-call three year was talked at 8 to 8.25% and a US dollar five-year non-call two-year was talked at 8.25% area.

A banker close to the deal said that with markets taking a turn for the worse on Thursday, they have now opted to shelve the high-yield deal.

An announcement seen by an investor also cited "adverse market circumstances". It added that as LeasePlan's financials go stale on Friday, the company will have to wait until mid-March before trying to issue the transaction again.

JP Morgan, Goldman Sachs, Credit Suisse and ING are joint bookrunners. (Reporting by Robert Smith, Editing by Helene Durand and Sudip Roy)