Banks Sell $1.6 Billion of Morrison’s Riskiest Debt Direct to Funds
- Morrison bankers bypass public markets for junior notes
- The sale comes as credit markets continue to weaken further
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Banks involved in the buyout of U.K. grocer Wm Morrison Supermarkets Plc have privately sold the riskiest class of debt, paving the way for the rest of the landmark deal to hit public markets.
Lenders including Goldman Sachs Group Inc., BNP Paribas SA, Bank of America Corp. and Mizuho sold 1.2 billion pounds ($1.6 billion) in junior secured notes to credit funds, according to people familiar with the matter who were not authorized to speak publicly.