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(Bloomberg) — Banks are gearing up to offload the €8.65 billion ($9.5 billion) debt package backing Clayton Dubilier & Rice’s purchase of a stake in Sanofi SA’s consumer health division.
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Lenders including Goldman Sachs Group Inc. and Citigroup Inc. have kicked off a pre-marketing process for the hotly-anticipated financing deal, according to people familiar with the matter. The lenders are aiming to launch a general syndication as early as next week, said the people, who asked not be identified because the information is private.
Representatives for CD&R, Citigroup and Goldman Sachs declined to comment.
The sale will come at an interesting time in financial markets. US President Donald Trump’s trade wars have triggered volatility and economic uncertainty on both sides of the Atlantic. In recent days, companies in both Europe and the US have shelved plans to tap the riskiest corner of the loan market.
Pre-marketing processes allow underwriters to get an idea of what kind of appetite there is ahead of an official launch. The Sanofi deal was Europe’s biggest buyout debt transaction last year and, despite the recent volatility, many investors are still eager to put money to work amid robust inflows into credit funds and a dearth of M&A activity.
Agonizing Wait
The group of twenty-two lenders have faced an agonizing wait to sell on the debt. The banks extended an upfront commitment to CD&R last year so the firm could buy part of Sanofi’s consumer arm, called Opella. But they had to keep the debt on their balance sheets until at least late March because of a rule on timely financials that prevents underwriters from approaching investors without recent-enough financials to show.
The debt package consists of euro- and dollar-denominated leveraged loans and high-yield bonds. Global co-ordinators on the financing include Citigroup, Goldman Sachs, Barclays Plc, BNP Paribas SA, Morgan Stanley, Societe Generale SA, and HSBC Holdings Plc, according to people familiar with the matter.
Representatives for HSBC, Barclays, BNP Paribas, Morgan Stanley and Societe Generale declined to comment.
Banks have signed funding commitments for a €5.45 billion term loan B split between euros and dollars, with target pricing of 350 basis points over Euribor for the euro component, and 325 basis points over SOFR for the US dollar tranche, Bloomberg previously reported.
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