AVI-SPL’s US$370m loan finalized with steepest discount in four years

NEW YORK, July 2 (LPC) – AVI-SPL needed two tries and the steepest discount in four years to syndicate a US$370m leveraged loan to an investor base concerned about the health of an audiovisual company reliant on businesses shut out of buildings amid the coronavirus.

A group of arrangers led by Bank of America was able to sell the loan backing the company’s buyout by private equity firm Marlin Equity Partners at a discount of 85.5 cents on the dollar in late June, four months after its initial attempt, according to two sources familiar with the financing.

The sale price was the widest discount offered on a leveraged loan since June 2016, when the debt to back the buyout of software company Veritas was sold at 85 cents, according to Refinitiv LPC data. […]

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