Banks Make Last-Ditch Push to Sell Buyout Loans Before August Lull
- Average secondary prices are more than 93 cents on the dollar
- Lenders bring Avient, Bayer deals before August slowdown
Morgan Stanley global headquarters in New York.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
Banks are making a last ditch effort to offload US leveraged loans they’ve committed to fund, taking advantage of rising prices before an August lull.
On Tuesday, Morgan Stanley launched the sale of a $500 million term loan to help finance Avient Corp.’s acquisition of Royal DSM’s fiber business, according to people with knowledge of the matter who asked not be identified. On Monday, a group of banks led by Credit Suisse Group AG and Barclays Plc launched a $1.65 billion sale for private equity firm Cinven’s buyout of Bayer AG’s pest-control unit.