It may be a quiet August but plenty of our clients are planning for a busy autumn and there is plenty of UK leveraged finance emerging: Ultra (£1.9bn), Morrisons (£5.4bn) and maybe Sainsbury’s.
These take-private deals are testament to the liquidity sloshing around the leveraged finance market – a little like 2007, except that back then, interest rates were 5% vs zero now. Two contrasting relevant quotes: Herbert Stein (“If something cannot go on forever, it will stop”) vs Chuck Prince (“As long as the music is playing, you’ve got to get up and dance”).
Another quick boast: we recently advised RPS Group on its new 7-year private placements with Legal & General and Aviva, totalling £55m. There are some interesting takeaways here for those that may have thought the PP market was inaccessible – get in touch if you’d like to know more.
A bit quieter in the debt markets but a few deals around:
Some private placements:
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