Barclays-Led Bank Group Hikes Yield, Delays Sale of Covis Loan
- Banks have tried to offload Covis debt for more than a month
- Covis further sweetened pricing on loans to 90 cents
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Banks led by Barclays Plc have sweetened pricing again and given investors more time to commit to buying loans for drugmaker Covis Pharmaceuticals Inc. as the deal struggles to find buyers, according to a person with knowledge of the matter.
The lenders are now looking to sell loans denominated in dollars and euros at just 90% of face value. A U.S. loan offering hasn’t been sold at that level since 2019, according to data compiled by Bloomberg.