Europe deals of the year: loans

Author: IFLR Correspondent | Published: 8 May 2017

The loan market was a more sedate affair, although we did see vast syndicated financings break through for announced M&A transactions.  Much of the creative work done over 2016 sought to maximize flexibility in credit agreements, cut transaction fees by amending existing facilities for acquisition financing or furthering the trend for so called yankee loans.  

Bayer’s syndicated bridge loan


There is no precedent for this $57 billion loan to Bayer, set up for financing its takeover cash offer of US-listed Monsanto. Among the unusual issues counsel had to grapple with were: creating a secure mechanism for currency conversation from euro to US dollars that did not move the currency markets and negotiating the divergent US and European market practices in takeover financing and M&A transactions.

The size of the loan heightened the stakes for all parties involved at every stage of the...


 

 

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