Barclays, Deutsche Bank to Keep Part of FNZ Loan on Their Books
- FNZ is looking to refinance unitranche in syndicated market
- Barclays recast the euro term loan B as a term loan A
The arrangers on the FNZ deal had originally approached investors with the $2.1 billion-equivalent leveraged loan split into three parts.
Photographer: Waldo Swiegers/BloombergBanks including Barclays and Deutsche Bank are having to hold onto a chunk of financial technology firm FNZ Group Ltd’s $2.1 billion refinancing deal after failing to drum up enough interest to sell the whole loan onto investors.
Arranging banks adjusted its structure to swap the euro-denominated term loan B for a term loan A, according to people familiar with the matter, a safer category of debt that is easier for lenders to keep on their balance sheets. A term loan B is usually sold on to money managers.