Swissport’s recent high-yield offering
suggests the European market’s record year has not
brought a throwback to the aggressive, covenant-lite provisions
The CHF750 million-equivalent issue backs
Swissport’s leveraged buyout (LBO) by PAI
Partners, and is one of Europe’s first
M&A-driven deals of the year. Its signals a standardising
market with covenant packages remaining balanced despite
soaring investor demand.
"The Swissport deal is typical of what we have seen in the
market recently, and is more or less similar to the type of
covenant packages that...