Morrison Postpones £6.4 Billion Take-Private Deal Amid Market Volatility
- The 2.4 billion pound bond due to be one of sterling’s largest
- Worst November in decade for junk bonds due to omicron variant
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Lenders are postponing the massive debt package to finance CD&R’s buyout of Wm Morrison Supermarkets, effectively drawing European leveraged finance deals this year to an end as the omicron variant adds to market volatility.
Banks including Goldman Sachs Group Inc. and BNP Paribas were due to start marketing a 6.4 billion-pound ($8.5 billion) syndicated bond and loan financing, Britain’s biggest take-private deal in more than a decade, in November. That has now been pushed back until next year, according to a person familiar with the matter. CD&R and Morrison didn’t immediately respond to requests for comment.