A market first $1.2 billion (£766 million) secured credit facility for Colfax has revealed that the UK Takeover Panel will be requiring disclosure of flex rates for future leveraged financings.
The transaction, one of the first syndicated leveraged financings done in compliance with the revised UK Takeover Code, has confirmed the worst fears of many.
“The Takeover Panel’s requirement to disclose flex terms will make using syndicated loans to finance the acquisition of UK public targets more challenging for all parties involved,” said Jake Mincemoyer of White & Case’s London office, a lead partner on the deal....